Legal actions over loans
The Hong Kong branch of Kwangtung Provincial Bank has launched legal action to recover more than HK$280 million from Seapower Resources International chairman Choi Sai-leung in relation to guarantees he is said to have entered into in relation to loans.
Five writs have been filed at the High Court in regard to instalment loan facilities granted by the bank to Asia Pacific Group and four other companies. The writs seek repayment of more than HK$280 million, said to be outstanding as of April 30, plus interest.
Mr Choi is the defendant in all five actions and is said to have entered into a deed of guarantee in relation to each of the loans.
All the loan facilities were granted on August 15, 1997, and Mr Choi entered into deeds of guarantee for each of them on September 18, 1997.