Organization

This relates to the collapse of Target Insurance (Holdings) Ltd (ex-6161) and its insurance subsidiary ("Company X" in the SFC's statement). Surely there should be criminal charges against someone for fraud.

This relates to the collapse of Target Insurance (Holdings) Ltd (ex-6161) and its insurance subsidiary ("Company X" in the SFC's statement).

The Mareva injunction against Mr Ng Yu is continued. The court rules that Deputy High Court Judge Steven Ashley Burns SC "singularly failed to take into account the undisputed evidence that (a) the 1st defendant is the sole beneficial shareholder of the 2nd to 5th defendants, and also a director of the 3rd to 5th defendants, and (b) the 1st defendant and 6th defendant were acquainted and the latter had previously worked for the 1st defendant in his attempt to acquire NBL through the 5th defendant".

The Plaintiff is granted leave to appeal against the decision of Deputy High Court Judge Stephen Ashley Burns SC to lift the injunction against Ng Yu, and a stay of his order is granted pending appeal.

Deputy Judge Steven Ashley Burns SC discharges the injunction against Mr Ng Yu.

The plaintiff, now under managers appointed by the Insurance Authority, alleges a "massive fraud perpetuated" (sic) by Mr Ng Yu and Jerff Lee Cheuk Fung and that Mr Ng is the "central figure in the fraudulent scheme". Mr Ng is Chairman of both Target Insurance (Holdings) Ltd (6161) and Amber Hill Finance (0033). The insurer deposited funds with Nerico Brothers Ltd which were allegedly "dissipated to various corporate vehicles owned by" Mr Ng, including Neo Tech Inc and Amber Hill Capital Ltd.