Renowned Hong Kong actor Louis Koo and his production company, One Cool Film, are being sued for more than HK$149mil (RM76.8mil) after allegedly failing to repay a loan from an offshore firm taken out in 2019.
According to the South China Morning Post, Sino Hero Ventures Limited – a company registered in the British Virgin Islands – lent Koo and One Cool Film HK$70mil (RM36.1mil) in September 2019.
The loan was initially due to be repaid by Sept 17, 2020, with interest charged at 12% a year. Under the agreement, the interest rate would rise to 18% a year if the loan was not repaid on time.
The repayment deadline was subsequently extended twice, with the final deadline set for the end of 2022.
However, Sino Hero Ventures claimed that Koo and One Cool Film had repaid only HK$13.9mil (RM7.1mil) as of 2024.
The plaintiff further alleged that the defendants made another payment of HK$700,000 (RM361,224) last month, following repeated demands for repayment.
With the outstanding principal and accumulated interest, the amount allegedly owed has now exceeded HK$149mil, according to the lawsuit.
In a statement issued Friday (Sept 4), One Cool Film disputed the plaintiff's account of the case.
The defendant claimed that Sino Hero Ventures had previously been struck off the company register and was "effectively dissolved for nearly three years".
One Cool Film said it was therefore unable to contact the plaintiff's legally authorised representative during that period.
The company also alleged that certain information disclosed by the plaintiff in the lawsuit was subject to confidentiality obligations.
One Cool Film added that it reserves all rights to take further legal action and has appointed a team of lawyers to handle the matter.
