Miss Hong Kong threatened to lose her crown. That’s not because the organizers have been stripped off after a case or scandal. The winner of the beauty contest can actually lose the crown because it is a guarantee of debt.
Winnie Yeung really took home a crown as her prize in the Miss Hong Kong triumph in 1995. Unfortunately, the precious memento was made Winnie as a debt guarantee three years ago. Together with Wong Shaui Fun’s husband, he took a $ 306,000 loan to fund their business and handed the crown a guarantee.
For the past three years, unfortunately Winnie and her husband have not been able to repay the loans they used to build the Little Einstein Academy. Companies that lend to it will sue the couple to give up their crown and property to pay the debt.
Later it was revealed that the couple initially only borrowed $ 255,000. But after a few months, they borrowed an additional $ 51,000 loan to fund the academy. Already adding a loan unfortunately they can not pay the bill.
Some people may not think if the beauty pageant crown can be guaranteed debt. This, too, awakened how precious the crown is to actually become an asset. Lukfook Jewerly who sponsored Miss Hong Kong also estimates that the crown is worth about $ 446,000
But over time the value of the crown can be increased. In 2016, the crown was reportedly worth up to $ 586,000
Though the crown he earned for winning the beauty contest could pay off all the debt, it does not mean Winnie can relax. Earlier this year, the woman was increasingly sued a kindergarten where she became its director. The kindergarten accused Winnie of transferring and stealing $ 18,800