FAR East Consortium International has launched legal action against Standard Chartered Securities (SCS) alleging it has wrongfully seized more than $8 million of shares and cash.
The action dates back to the 1990 placement of shares in World Trade Centre Group.
The placement was one of that year's largest deals and which has sparked at least three government investigations about the deal.
The writ filed in the High Court alleges that SCS has wrongfully seized millions of shares in World Trade Centre Group, which was once known as Bond Corp International and is now in its third reincarnation, as Top Glory International Holdings.
The writ is filed by Cathay General, a wholly owned subsidiary of the Chiu family's Far East Consortium registered in Liberia.
It says SCS has seized the shares as part of its pursuit of Arthur Lai Cheuk-wan, the SCS's former chairman, for allegedly pocketing commissions on the share placement.
