Hong Kong actor Louis Koo faces a lawsuit from his business partner over an alleged failure to repay a $1.43 million loan from nearly a decade ago. HONG KONG – Hong Kong actor Louis Koo is facing a lawsuit from his business partner over an alleged failure to repay a HK$8.
3 million (S$1.43 million) loan from nearly a decade ago. According to South China Morning Post, court documents reveal that Koo and Hong Kong film producer Alex Dong invested HK$24.
9 million in Eyeteam Limited, a fashion company that distributes products from popular brands such as Evisu and A Bathing Ape. The pair agreed to acquire 49 per cent of Eyeteam using Koo’s firm Product Power in July 2013. Despite initiating the joint venture, Koo allegedly asked Dong to cover his share of the initial HK$16.
6 million investment as he did not have enough money at the time. Dong, chairman of entertainment group Sunny Side Up Culture, was said to have lent Koo HK$8.3 million interest-free, with the expectation of repayment within five years.
However, Koo, 53, allegedly failed to repay any of the borrowed amount. In addition to the Eyeteam investment, the pair had another joint investment in a Chinese restaurant. In 2014, Koo and Dong decided to invest in the company that operates Ming Kitchen restaurant at Moreton Terrace in Causeway Bay.
Both parties agreed to contribute HK$4.55 million each to purchase 70 per cent of the shares of Wealthford International Industrial Limited using Koo’s personal company, Cool L.