Former NKF Chairman fails to submit documents by deadline
By Loh Chee Kong, TODAY | Posted: 13 June 2007 0014 hrs
SINGAPORE: Former National Kidney Foundation chairman Richard Yong
is set to become a wanted man.
He has failed to submit documents to the Official Assignee (OA) as
part of his bankruptcy proceedings.
The 65-year-old ex-banker missed the 6pm deadline on Tuesday to
file a statement of affairs, which lists what a bankrupt owns and
owes.
The OA's office says it now "intends to apply" for a warrant of
arrest against him.
This means that Yong, who has gone missing, could be arrested the
next time he sets foot in Singapore.
In March, Yong had admitted liability for damages, estimated at
around S$11 million, in NKF's civil suit against him.
Bankruptcy proceedings against him were brought forward after the
new NKF's lawyers discovered that he had sold off his three
apartments for some S$7.45 million.
Yong was declared a bankrupt on May 16, the same day he was
convicted by the court and paid a S$5,000-fine for failing in his
duties as NKF's director.
But hours later, he gave the authorities the slip before the
Immigrations and Checkpoints Authority blacklisted him.
As a bankrupt, Yong is not allowed to travel without the OA's
permission.
Yong, who is understood to have two daughters living in the United
Kingdom, was last spotted in a lawyer's office in Kuala Lumpur on
21 May. - TODAY/yy
Run away already la.. think he will stay behind and be bankrupt
meh?
