Stephen Chow Sued for $70 million by Alice Yu
Stephen Chow’s (周星驰) ex-lover is suing him for $70 million HKD in commissions for the expected sale of a luxurious property that he owns.
Alice Yu (于文凤), a fan of Stephen Chow who later became good friends with her idol, dated Stephen for 13 years. She had been appointed as the financial consultant to Stephen’s company, The Star Overseas Limited. Although the couple separated in March 2010, Alice continued to stay as the financial consultant until September last year.
In her writ, Alice stated that Stephen and she signed an agreement in 2002 to stipulate her fee for her advisory services. In return for her financial advice, Stephen will pay her a monthly fee ranging from $20,000 HKD to $59,000 HKD. Aside from the stipulated advisory fee, Stephen had also verbally agreed to designate 10 percent commission from net profits.
Alice stated that Stephen had paid her approximately $20 million HKD in commissions from May 2007 to January 2010. Alice also claimed that Stephen was supposed to pay her $80 million HKD commission for a property at the Peak, in which she had collected $10 million HKD in March this year. However, Stephen stopped paying the balance afterward.
Alice Yu Helped Stephen Chow Earn Lucrative Profits
Alice Yu, whose father founded HKC Holdings Limited, revealed that she had gathered intelligence that Citibank intended to auction a property development area in Pollock’s Path, Hong Kong. She subsequently advised Stephen to bid for the project. After successfully clinching the lucrative deal, Alice also introduced Ryoden Development Limited to collaborate with Stephen as he was short of funds to develop the massive project.
As four luxurious mansions were built, they were divided equally between Ryoden Development and The Star Overseas. Alice collected a commission of $15 million HKD from the sale of the two properties in 2009.
Ryoden Development sold the third property for a record $800 million HKD. Alice asserted that the fourth property, owned by Stephen, is also worth the same amount when it is sold. Thus, Alice is contesting Stephen for the $80 million HKD in commissions.
In her writ, Alice disclosed that she and Stephen had agreed on the $80 million commission. Instead of paying her a lump sum, Stephen proposed to stagger the payment in three years. Stephen suggested paying $10 million HKD per year and the balance will be paid after the sale of the property. Alice eventually rejected the proposal.
Alice then counter-proposed to Stephen that he paid the commission to her by installments, but it was rejected by Stephen. In March this year, Stephen reportedly paid $10 million HKD to Alice and requested her not to take any legal action against him. It was understood that Alice took legal action against Stephen when stopped paying her the balance since March.
Stephen, through his lawyer, denied paying $10 million HKD and dismissed the delay of the property commission.
This article is written by Stella for JayneStars.com.
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