Hong Kong actor Louis Koo sued over alleged failure to repay $1.43m loan, Latest Movies News - The New Paper

Hong Kong actor Louis Koo sued over alleged failure to repay $1.43m loan

HONG KONG – Hong Kong actor Louis Koo is facing a lawsuit from his business partner over an alleged failure to repay a HK$8.3 million (S$1.43 million) loan from nearly a decade ago.

According to South China Morning Post, court documents reveal that Koo and Hong Kong film producer Alex Dong invested HK$24.9 million in Eyeteam Limited, a fashion company that distributes products from popular brands such as Evisu and A Bathing Ape.

The pair agreed to acquire 49 per cent of Eyeteam using Koo’s firm Product Power in July 2013.

Despite initiating the joint venture, Koo allegedly asked Dong to cover his share of the initial HK$16.6 million investment as he did not have enough money at the time.

Dong, chairman of entertainment group Sunny Side Up Culture, was said to have lent Koo HK$8.3 million interest-free, with the expectation of repayment within five years.

However, Koo, 53, allegedly failed to repay any of the borrowed amount.

In addition to the Eyeteam investment, the pair had another joint investment in a Chinese restaurant. 

In 2014, Koo and Dong decided to invest in the company that operates Ming Kitchen restaurant at Moreton Terrace in Causeway Bay.

Both parties agreed to contribute HK$4.55 million each to purchase 70 per cent of the shares of Wealthford International Industrial Limited using Koo’s personal company, Cool Label, which was registered in the British Virgin Islands.

South China Morning Post reported that Dong’s legal team is not only seeking the repayment of the HK$8.3 million, but is also demanding a judicial declaration that Koo’s shares in Product Power and Wealthford International be held “on trust in favour of Dong”, compelling Koo to transfer these shares to Dong upon request.

The publication added that court documents do not allege any civil wrongdoings by Koo regarding the restaurant investment.

Koo began his acting career in TVB drama series, and gained fame through roles in The Condor Heroes (1995) and Detective Investigation Files 4 (1999).

The actor later focused on his film career and won the best actor accolade at both the Hong Kong Film Awards and Asian Film Awards in 2018 for his performance in Paradox. – THE STAR/ASIA NEWS NETWORK

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