HK financier wins ruling against ex-CEO over US$769mil loans

Legal outcome: People walk on a bridge in front of the city skyline in Singapore. Hong Kong financier Lee Seng Huang won a default ruling against the former boss of CMIG International Holding in a High Court ruling here, where the case is being heard. — AFP

HONG KONG: A firm controlled by Hong Kong financier Lee Seng Huang won a default ruling against the former boss of CMIG International Holding Pte in a lawsuit claiming he helped conceal US$769mil (RM3.6bil) in loans to the investment firm’s majority owner, according to a Singapore High Court ruling.

The investor’s firm, Sun Hung Kai Capital Ltd, holds 4.6% of CMIG International, which is acting as the claimant in the June lawsuit against its former executives.