Feng shui 'master' Tony Chan gets appeal fund

The District Court in Hong Kong granted permission on Thursday, for self-styled feng shui master Tony Chan Chun-chuen to take HK$700,000 ($90,310) from his frozen assets to fund an appeal over his tax liability.

The Inland Revenue Department, or IRD, is suing Chan for HK$370 million in property tax assessments and profits tax. Chan will appeal to the Court of Final Appeal over the tax claims. IRD and Chinachem Charitable Foundation obtained injunctions freezing his assets. But Chan filed an application in District Court for permission to withdraw the HK$700,000.

Edward Chan King-sang, senior counsel representing Tony Chan, said Chan has found a buyer who will pay HK$380 million for his Mid-level residence. IRD served its injunction before the sale agreement was formally signed, suspending the transaction.

However, IRD has changed its position and will allow Tony Chan to proceed with the sale, though proceeds from the sale will remain frozen.