Siberian Mining Group, formerly known as Rontex International Holdings, has filed a High Court writ seeking HK$19 million in compensation from the company's former chairman, his wife and a former director.
The move follows the Securities and Futures Commission winning a High Court order in March requiring Rontex to sue the trio - the first time such an order has been made under a law directing listed companies to use civil action to recover losses caused by the misconduct of directors.
Rontex, a garment company listed in 2002, shifted into mining and changed its name last year and is now under new management.
Siberian Mining is suing former chairman Cheung Keng-ching, his wife Chou Mei and a former director Kevin Lau Ka-man for the money. Lau resigned as a director in 2005 while Cheung and Chou, the co-founders, resigned in 2008.
In the March ruling, orders were granted banning Cheung and his wife from being a company director for five years, while Lau was banned from sitting on a board for four years.
The firm accused the trio of 'misfeasance, misconduct and defalcation in relation to the business and affairs of the company'. The writ said they mismanaged its money and breached their duty as directors by not doing due diligence in a number of transactions from 2002 to 2005.