Film producer and chairman of K.S. Culture Holdings, Tong Choi Chi, filed a lawsuit in the High Court last Friday (January 31) against All In One Property Limited, claiming an amount of approximately HKD 37 million (approximately MYR 21.15 million). The filing states that in 2014, Tong invested over HKD 37 million to help the company acquire a property on Hung To Road, Kwun Tong, valued at around HKD 58 million (approximately MYR 33.16 million), and agreed to a proposal made by Louis Koo representing the company, whereby the company would hold a trust for Tong’s ownership share of the property. Tong now seeks a court declaration validating the trust agreement and requests the company to account for the relevant financials or return the initial investment of HKD 37 million to Tong.
The filing claims that Louis Koo represented the defendant and reached an agreement with the plaintiff in 2014, where the plaintiff would invest over HKD 37 million to assist the defendant in acquiring a property valued at approximately HKD 58 million. Accordingly, the plaintiff would own a portion of the property's ownership proportionate to the acquisition cost, with the defendant holding it in trust. After signing the provisional sale and purchase agreement for the property in March 2014, the plaintiff transferred a total acquisition amount of about HKD 37 million to the defendant in three installments. The plaintiff now requests a court declaration that the defendant holds the property rights in trust for Tong and is obligated to provide accounting upon request or return the HKD 37 million as an alternative. #
Source: on.cc Online