Tung Fong Hung faces light suit
Chinese pharmaceuticals maker Tung Fong Hung (Holdings) is being sued for reneging on a $1 million deal, a High Court writ said.
The listed company allegedly failed to settle a lighting equipment bill - leaving the supplier $500,000 out of pocket.
On October 17 last year, principal shareholder Louis Lo Siu-fai and Roger Cheung signed a contract on behalf of Tung Fong Hung, agreeing to purchase $1 million worth of lighting equipment from Cham Tak.
Tung Fong Hung paid $500,000 and allegedly promised two instalments of $250,000.
'Notwithstanding repeated requests and demands, Tung Fong Hung has failed or refused to pay the amounts owing,' the writ said.
Cham Tak is suing for $500,000, plus interest and costs.