Simsen Capital Finance Ltd v Jiang Quanlong, Chairman of China Rare Earth (0769) and Pan Asia Environmental Protection (0556)
HK Court of First Instance, 16-Mar-2017
The defence case involves a tale of Macau gambling debts and the people behind Imperial Pacific (1076). The original loan was announced by Simsen (now Huarong International Financial Holdings Ltd) on 27-Jun-2014, but it did not disclose the borrower. The plaintiff's application for summary judgment in the amount of HK$212m is dismissed. The court rules that there is a triable issue as to whether the loan is enforcable.