Hong Kong families with money trapped in closed law firm’s frozen bank accounts turn to government for low-interest loans
Wong, Fung & Co, which specialises in second-hand property transactions, was shut down by the city’s Law Society over alleged breaches of fiduciary duty
But thousands of clients have been left on the hook, as money for pending deals was held in the firm’s accounts
Hong Kong Law Society unable to offer ‘realistic timeline’ for return of clients’ funds following major firm’s closure
The society says the process will take time, given the sheer volume and disorganised state of the closed firm’s files
Affected clients, meanwhile, have accused the society of ‘indifference’ to their plight, and renewed calls for government intervention