A Hong Kong court has set extradition hearing for the return of former National Kidney Foundation (NKF) chairman Richard Yong and his wife, who were arrested in Hong Kong yesterday, to be held on July 13.

The couple appeared in Hong Kong Eastern Magistrate's Court this morning in connection with proceedings to extradite them back to Singapore to face charges.

Yong, 65, and his wife, Madam On Shu Kio are being remanded in a Hong Kong jail until next week's extradition hearing.

Hong Kong police arrested the couple yesterday morning, 49 days after Yong left the country illegally - just hours after he was declared a bankrupt on May 16 - without seeking permission from the Official Assignee. This is an offence under the Bankruptcy Act, for which he could be jailed up to two years and fined $10,000, if convicted.

Yong and three former NKF directors - Loo Say San, Matilda Chua T.T. Durai, who was the ex-NKF CEO - owe the charity some $12 million after they lost a civil suit brought against them by the new NKF board.

Mr Loo and Ms Chua have also been declared bankrupt, while Durai has agreed on a payment plan with the NKF to return $4.5 million over four years.

Yong and his wife fled Singapore in the early hours of May 17 and abandoned their maid and pet dog in their rented apartment at Cavenagh Gardens.

On May 21, they surfaced in Kuala Lumpur, where Yong filed an affidavit stating that he had only $247 in a bank account and that cash from selling his properties had gone towards repaying loans and legal fees.

He had sold three properties - including an apartment in the posh Four Seasons Park condominium - for more than $7 million earlier this year. NKF lawyers obtained a Mareva Injunction against him on May 11, to prevent him from disposing of his assets in Singapore and overseas.

He was declared a wanted man on June 13 for fleeing the country illegally and failing to hand over assets as required by the Bankruptcy Act. On June 15, a warrant for his arrest was issued by the Subordinate courts.

In recent weeks, there has been talk that the fugitive and his wife were spotted in Hong Kong's malls.

The Straits Times said Yong's wife, who is in her 60s, could be repatriated to face charges here if there is evidence that she helped him flee and conceal his assets.

Lawyers The New Paper spoke to said that after Yong is brought back to Singapore, the creditors' lawyers will have to begin a "tracing procedure" to recover his assets. This process could take two to three months - and is costly - if Yong cooperates and volunteers information.