Debts of $32.6 million allegedly illegally obtained from Forluxe Securities by former director James Mui Kwong-nok and his brother Gordon Mui Kwong-yin are set to be the focus of a court clash with liquidators.
The two brothers, along with James Mui's wife Peggy Lee Yui-pin, have been granted leave by the Court of First Instance to challenge allegations they took out the debt from Forluxe.
According to provisional liquidators Nelson Wheeler Corporate Reconstruction and Insolvency, the $32.6 million represents money from directors' loans accounts.
The brothers have just over a week to prepare their case before it returns to the courts.
Liquidators allege a total of $34.2 million worth of shares and $6.97 million in cash was embezzled from Forluxe by the brothers over the space of three years.
The company was forced into liquidation in May last year.
