Investor sues firm over HK$10m loss

PUBLISHED : Saturday, 03 October, 2009, 12:00am
UPDATED : Saturday, 03 October, 2009, 12:00am

A businessman is claiming damages for the loss of more than HK$10 million he says he was misled into investing in a venture to make pork and chicken edible without cooking.

In a writ filed in the High Court on Thursday, Ang Tai-hoi is claiming unspecified damages against China Medical and Bio Science Limited and its executive director, saying he was conned into making the investments.

Ang was first informed in early 2007 the company was developing new technology to make pork, chicken and eggs safe to eat without cooking, the writ said.

The company's management took Ang to Singapore and Japan, and he was impressed by the company and believed it was a profitable business. Between October and November the same year, he was convinced to buy up to 18,332,000 shares in the company at a price of HK$10.494 million, according to the writ.

In February last year, Ang tried to sell the shares but he discovered there were almost no buyers. In December, he learned the company was in liquidation.

The writ also says Ang had signed an agreement, written in English, which said his private company would give HK$1 million every month to the company. Ang does not understand English and it was only later that he learned about the terms of the contract, the writ said.