Norman Hsu Declared Bankrupt by Hong Kong Court
In registrations for Newton and the other firm, Mr. Hsu listed his address as on the 39th floor of Convention Plaza, which is a luxurious place in the heart of Hong Kong with views of Victoria Harbor.
Eng Boo Cheh, a Singaporean garment industry executive who helped set up Newton with Mr. Hsu, recalls Mr. Hsu frequenting a nightclub at the Grand Hyatt near there. "He'd call and say, 'Come have a drink,' " Mr. Eng says. "He befriended a lot of people there."
But his star also fell in Hong Kong. Both companies were dissolved in 1997 and 1998. The Hong Kong courts declared Mr. Hsu bankrupt in the summer of 1998.