Francis Choi Chee-ming, who founded Early Light International, the largest manufacturer of toys in the world, has filed the lawsuit against former Convoy director Cho.
HK$4bn claim
Cho is believed to be the mastermind behind transactions that fleeced Convoy clients out of millions of dollars. He is one of 27 former employees Convoy has taken to court seeking HK$4.043bn of company assets that it claims were stolen through a complex network of companies.
The hearing was scheduled for 6 March, but was suspended until September to give Convoy time to amend the writ to include Choi as a defendant.
According to a second writ seen by local newspaper South China Morning Post, Choi is seeking HK$300m from Cho as part of a loan made in August 2016, plus unpaid interest of HK$9m.
Choi distances himself
In submitting the lawsuit, Choi is believed to be distancing himself from Cho and his connection to Convoy.
In February, Hong Kong’s Independent Commission Against Corruption (ICAC) and the Securities and Futures Commission (SFC) raided the offices of Town Health, a clinic operator connected to Convoy, which Cho founded.
Town Health is 18.85% held by Broad Idea International, a company which Cho owns a 50.1% stake in while Choi owns 49.9%.
Additionally, Choi is vice-chairman and non-executive director of Town Health, while his daughter Crystal is chairman.
Cho missing
Cho has been missing since regulators first raided Convoy’s office in December last year.
In February, Convoy convinced the British Virgin Islands authorities to freeze Cho’s assets held there.
To date, four people have been arrested during the investigation, including Convoy’s former chairman Wong and Mark Mak Kwong-yiu, former chairman of a related financial services firm called Lerado.
