Recent tabloid reports suggested that Veronica Yip (葉玉卿) and her Chinese-American businessman husband, Jeffrey Wu (胡兆明), were having financial problems, which prompted her to make a comeback in the Hong Kong film industry. Alarmed that these rumors will affect her husband’s business reputation adversely, Veronica immediately held a press conference to clarify.
Business Reputation at Stake
There were news reports stating that Veronica and Jeffrey were suffering from financial woes and things were looking bleak for the couple because of their poor investment decisions. Previously only seen flying in a private jet, Veronica noticeably flew on a commercial airline back to Hong Kong. Speculations were made that their private jet has been confiscated and they were heavily in debt.
Veronica and Jeffrey were extremely unhappy about the rumors. Much as they wanted to let the matter go, they finally decided to hold a press conference to clarify the situation. As Jeffrey’s business reputation was at stake, the couple acted immediately to preserve his credibility. They consulted lawyers from both the States and Hong Kong to obtain the necessary documents to show to the public.
Financial Situation Steady
Veronica explained that their two private jets were on a permanent loan from the bank. The bank has since stopped loaning private jets to its customers and had sold the planes to other companies. She said matter-of-factly that the company, Texas 1845, initially sued them. However, both parties have reached an agreement where the couple will buy the jets for $14 million USD. Texas 1845 has yet to deliver the planes. Right now, the couple has counter-sued the company and the case is pending a court hearing.
As for their alleged debt of $900,000 USD, Veronica admitted there was such a loan. She said that the creditor was formerly a good business friend of theirs. She and her husband are still trying to recover the loan from their friend, with the outstanding balance at several millions of dollars. As the court case is still underway, Veronica cannot reveal too many details.
Veronica felt the news reports have made a mountain out of a molehill over Jeffrey’s court cases. “In fact, it’s common for businesses to go to court often. There’s nothing peculiar about that.”
$20 Million USD is A Pittance Amount
Recent tabloids published incorrect photos of a house that they claimed belonged to Veronica. She boasted that her house in New York occupies 20 acres of land. Although it was hard work for her to manage the house, she would never sell it.
Veronica also brushed off the loss Jeffrey had incurred several years ago investing in technology stocks. She declared, “$20 million USD is a pittance amount to us. We can still afford that loss. ”
She further claimed that the monetary figures reported in the tabloids were incorrect as well. Jeffrey’s real estate development, condominium building, Victoria Towers, was valued much higher than the published figure of $70 million USD, which was the amount of the valuation two years ago during the American economic collapse.
Reports further claimed that the bank Veronica and Jeffrey had invested in, United International Bank in the United States, was only a puny bank. Veronica rebutted, “What is the definition of ‘puny’? The bank is located at a highly Chinese-populated area and is making money. My husband holds 70 percent of the shares in the bank; it is not what the news reported as 70 percent of bad debt.”
Veronica fumed, “These are serious allegations! We will consult our lawyers in both the United States and Hong Kong and take legal action.”
Regrets Comeback Decision
The false news reports have left a bad taste in Veronica’s mouth. She lamented that she agreed to make a comeback film, which wrought the negative rumors. Accusations that her comeback was prompted by her husband’s dire straits quickly dampened her mood. She was saddened that by coming back to act, she has instead caused misery to her family. I Love HK 2013 <我愛HK2013恭喜發財> will likely be her farewell show to the viewers.
Despite this, Veronica has no regrets returning to Hong Kong as she was able to meet with close friends, and more importantly, to spend time with her elderly mother.
Source: Ming Pao
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