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HK Financier Wins Ruling Against Ex-CMIG CEO on $769 Million

  • Ex-CMIG International CEO alleged to conceal loans to parent
  • Liao failed in fiduciary duties as CEO, Singapore court says
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A firm controlled by Hong Kong financier Lee Seng Huang won a default ruling against the former boss of CMIG International Holding Pte Ltd. in a lawsuit claiming he helped conceal $769 million in loans to the investment firm’s majority owner, according to a Singapore High Court ruling.

The investor’s firm, Sun Hung Kai Capital Ltd., holds 4.6% of CMIG International, which is acting as the claimant in the June lawsuit against its former executives.