TARGET
Intelligence Report
VOLUME XXI  No. 155 T U E S D A Y July 23, 2019

 

 

 

 

 

CELEBRATE  INTERNATIONAL  HOLDINGS  LTD:

THERE  MUST  BE  MORE  TO  THIS  COMPANY

THAN  MEETS  THE  EYE

 

 And  It  Cannot  All  Be  Good

 

 

Mr Michael Ng Kwok Wing (吳國榮), the former Chairman of Celebrate International Holdings Ltd (譽滿國際[控股]有限公司) (Code: 8212, The Growth Enterprise Market [The GEM], The Stock Exchange of Hongkong Ltd), has been sued for $HK163,512,038.71.

 

Mr Michael Ng Kwok Wing resigned as Chairman of Celebrate International Holdings Ltd on Tuesday, May 28, 2019, according to the database of TOLFIN (泰達資訊), the Computerised, Online Financial Intelligence Service and Web-Based, Credit-Checking Provider.

 

Southwest Securities (Hongkong) Brokerage Ltd (西證[香港]證券經紀有限公司) is the Plaintiff in Action Number 1200 of 2019, this company’s Writ of Summons, having been lodged on Friday, July 5, 2019, in the High Court of the Hongkong Special Administrative Region (HKSAR) of the People’s Republic of China (PRC).

 

The Three Defendants to this Action are:

 

Nieumarkt Investments Ltd

First Defendant

 

 

Mr Michael Ng Kwok Wing

Second Defendant

 

 

Mr Lee Yuk Lun (李鋈麟)

Third Defendant

 

According to the database of TOLFIN, the First Defendant is a company, domiciled in The Republic of Marshall Islands, the Issued Share Capital of which is wholly owned by the Second Defendant.

 

The Second and Third Defendants are alleged to have been – and continue to be – Guarantors in respect of ‘a facility agreement in writing dated 24 November 2017 (the “Facility Agreement”), under which the Plaintiff agreed to make available to the 1st Defendant a term loan facility of HK$251,000,000 …’. (Paragraph Three of the Statement of Claim, attached to Writ of Summons, Number 1200 of 2019)

 

Paragraphs Five and Six of the Statement of Claim make the following allegations:

 

‘5.

On or about 12 February 2019, the Plaintiff as lender, the 1st Defendant as borrower, the 2nd and 3rd Defendants as guarantors entered into an amendment deed dated 12 February 2019 (the “Amendment Deed”) to amend certain terms of the Facility Agreement. Under Clause 3(b) of the Amendment Deed, each of the Defendants confirms and agrees that, notwithstanding anything contained in the Amendment Deed, its / his obligations and liabilities contained in the Facility Agreement, the Guarantee and/or other Finance Documents to which it is/ he is a party remain in full force and effect and shall continue in full force and effect as thereby amended under the Amended Deed.

 

 

‘6.

The Facility Agreement, as amended by the Amendment Deed, shall be referred to herein as the “Amended Facility Agreement”.

 

The ‘Amended Facility Agreement’ and the Guarantee included, inter alia, that the ‘Extended Final Repayment Date’ would be April 16, 2020.

 

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