The court issued a “default judgment” in August against Liao Feng, the former chief executive officer of CMIG International, because he has not appeared to contest the claims he had provided loans without proper due diligence and approval to units of China Minsheng Investment Co., which controls 81% of CMIG International.
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$769 million ($1.10 billion) 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.
