HK star Louis Koo and production company sued for $24 million over alleged unpaid loan
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Offshore firm Sino Hero Ventures lent Hong Kong actor Louis Koo and his production company HK$70 million in 2019.
PHOTO: KOOTINLOK_LOUIS/INSTAGRAM
- Hong Kong actor Louis Koo and One Cool Film are sued for over HK$149 million for allegedly failing to repay a 2019 loan from Sino Hero Ventures.
- The loan was HK$70 million with high interest rates and extended repayment deadlines, but only HK$14.6 million was repaid by 2024.
- One Cool Film disputes the claim, citing the plaintiff's company dissolution and confidentiality issues, and has hired lawyers to respond.
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Hong Kong actor Louis Koo and his production company, One Cool Film, are being sued for more than HK$149 million (S$24 million) after allegedly failing to repay a loan from an offshore firm taken out in 2019.
According to the South China Morning Post, Sino Hero Ventures – a company registered in the British Virgin Islands – lent Koo and One Cool Film HK$70 million in September 2019.
The loan was initially due to be repaid by Sept 17, 2020, with interest charged at 12 per cent a year. Under the agreement, the interest rate would rise to 18 per cent a year if the loan was not repaid on time.
The repayment deadline was subsequently extended twice, with the final deadline set for the end of 2022.
However, Sino Hero Ventures claimed that Koo and One Cool Film had repaid only HK$13.9 million as at 2024.
The plaintiff further alleged that the defendants made another payment of HK$700,000 in August, following repeated demands for repayment.
With the outstanding principal and accumulated interest, the amount allegedly owed has now exceeded HK$149 million, according to the lawsuit.
In a statement issued on Sept 4, One Cool Film disputed the plaintiff’s account of the case.
The defendant claimed that Sino Hero Ventures had previously been struck off the company register and was “effectively dissolved for nearly three years”.
One Cool Film said it was therefore unable to contact the plaintiff’s legally authorised representative during that period.
It also alleged that certain information disclosed by the plaintiff in the lawsuit was subject to confidentiality obligations.
One Cool Film added that it reserves all rights to take further legal action and has appointed a team of lawyers to handle the matter. THE STAR/ASIA NEWS NETWORK