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CNA Lifestyle

Former HK adult movie actress Veronica Yip confirms billionaire husband’s bankruptcy

“Applying for bankruptcy to protect ourselves does not mean we lose everything. Our daily necessities, partial income, properties, and cars can be exempted,” said Yip.

Former HK adult movie actress Veronica Yip confirms billionaire husband’s bankruptcy

Former Hong Kong artiste Veronica Yip with her daughter Victoria Wu. (Photo: Instagram/victoriaawu)

Former Hong Kong adult movie star Veronica Yip confirmed that her billionaire husband Jeffrey Wu has filed for bankruptcy. However, she was quick to add that the family’s plight is not as serious as reports make it out to be.

The Wu family is based in Long Island, New York.

Wu was once said to be worth US$1 billion (S$1.39 billion). He owns the Hong Kong Supermarket chain in the US, holds investment stakes in banks, as well as, a jet trading company and is involved in real estate development in New York. 

It has been rumoured that Wu first faced financial woes in 2018. The pandemic is believed to have attributed to the collapse of his empire.

Wu filed for Chapter 11 bankruptcy which allows the debtor to propose a reorganisation plan that allows him to repay his creditors over time while keeping his business alive.

When reached for comments, the former actress said that she does not expect the family’s expensive lifestyle to change much. “As long as the situation does not affect life or death, then it is not such a big deal,” she said.

“Applying for bankruptcy to protect ourselves does not mean we lose everything. Our daily necessities, partial income, properties, and cars can be exempted.”

Yip also commented that filing for bankruptcy is common practice in the US. “Filling for bankruptcy definitely has an effect on a person’s record and reputation. But the effect is only temporary. Personal records and reputation can be rebuilt.”

The 53-year old former artiste even cited the American president as an example. “President Donald Trump had also filed for bankruptcy several times in the past.”

Source: CNA/yy

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