Ng, Michael Kwok Wing 吳國榮
Southwest Securities (HK) Brokerage Ltd v Michael Ng Kwok Wing & another (CACV 250/2020)
HK Court of Appeal, 20-May-2021
Having filed an appeal, Mr Ng failed to appear and his case was dismissed. The plaintiff's cross-appeal, for a judgment debt rather than damages, succeeds, and Mr Ng owes $163.5m plus 30% p.a. since 16-Apr-2019 under the terms of the facility agreement in event of default.
HK Court of Appeal, 20-May-2021
Having filed an appeal, Mr Ng failed to appear and his case was dismissed. The plaintiff's cross-appeal, for a judgment debt rather than damages, succeeds, and Mr Ng owes $163.5m plus 30% p.a. since 16-Apr-2019 under the terms of the facility agreement in event of default.
Celebrate (8212) update
Company announcement, 2-Jul-2020
After Citizens (owned by Oshidori, 0622) on 12-May applied for winding-up in HCCW 95/2020, and after Manivest (appointed by Southwest, 0812) on 13-May applied for interim receivers in HCMP 469/2020, Citizens on 18-May applied to intervene in that case, to be heard on 18-Jun, but on 15-Jun Manivest applied to join HCCW 95/2020 and appoint their choice of liquidators, RSM, so on 18-Jun they withdrew HCMP 469/2020. The liquidation hearing is set for 9-Jul. Meanwhile on 19-Jun, Southwest wrote to the judge regarding the withdrawal, making what Celebrate calls "completely unfounded allegations against the Board… and other parties" and enclosing a chart. In response, the Board now adjourns the EGM requisitioned by Manivest (who have a 64.66% shareholding) to replace the Board which was scheduled for 3-Jul.
Company announcement, 2-Jul-2020
After Citizens (owned by Oshidori, 0622) on 12-May applied for winding-up in HCCW 95/2020, and after Manivest (appointed by Southwest, 0812) on 13-May applied for interim receivers in HCMP 469/2020, Citizens on 18-May applied to intervene in that case, to be heard on 18-Jun, but on 15-Jun Manivest applied to join HCCW 95/2020 and appoint their choice of liquidators, RSM, so on 18-Jun they withdrew HCMP 469/2020. The liquidation hearing is set for 9-Jul. Meanwhile on 19-Jun, Southwest wrote to the judge regarding the withdrawal, making what Celebrate calls "completely unfounded allegations against the Board… and other parties" and enclosing a chart. In response, the Board now adjourns the EGM requisitioned by Manivest (who have a 64.66% shareholding) to replace the Board which was scheduled for 3-Jul.
Southwest Securities (HK) Brokerage Ltd v Michael Ng Kwok Wing & others (HCA 1200/2019)
HK Court of First Instance, 11-Jun-2020
The court awards summary judgment to Southwest Securities against Nieumarkt Investments Ltd and Michael Ng Kwok Wing, who belatedly claimed a hidden collateral agreement that he was just a nominee on behalf of Southwest to takeover Celebrate (8212), which the judge calls "not reasonably capable of belief". Curiously, the 3rd defendant, Alan Lee Yuk Lun, is not involved in this application.
HK Court of First Instance, 11-Jun-2020
The court awards summary judgment to Southwest Securities against Nieumarkt Investments Ltd and Michael Ng Kwok Wing, who belatedly claimed a hidden collateral agreement that he was just a nominee on behalf of Southwest to takeover Celebrate (8212), which the judge calls "not reasonably capable of belief". Curiously, the 3rd defendant, Alan Lee Yuk Lun, is not involved in this application.
Celebrate (8212): receivers of controlling shareholding seek interim receivers or transaction limit on Celebrate's assets
Company announcement, 15-May-2020
The summons was filed on 13-May-2020, the day after Citizens Money Lending Corp Ltd (owned by Oshidori, 0622) filed a petition seeking a winding-up. The receivers were appointed by Southwest Securities (0812) which provided a loan for the 2017 takeover by Michael Ng Kwok Wing (via Nieumarkt Investments Ltd), secured on the controlling shareholding.
Company announcement, 15-May-2020
The summons was filed on 13-May-2020, the day after Citizens Money Lending Corp Ltd (owned by Oshidori, 0622) filed a petition seeking a winding-up. The receivers were appointed by Southwest Securities (0812) which provided a loan for the 2017 takeover by Michael Ng Kwok Wing (via Nieumarkt Investments Ltd), secured on the controlling shareholding.
Receivers of controlling shareholder petition court to appoint receiver over assets of Celebrate (8212)
Company announcement, 14-May-2020
The receivers, Horace Ho Man Kit and Peter Mok Kwan Leong of Manivest Asia Ltd, were appointed by Southwest Securities (0812), which is trying to recover a loan secured against the controlling shareholding in Celebrate. The petition was filed on 5-May-2020.
Company announcement, 14-May-2020
The receivers, Horace Ho Man Kit and Peter Mok Kwan Leong of Manivest Asia Ltd, were appointed by Southwest Securities (0812), which is trying to recover a loan secured against the controlling shareholding in Celebrate. The petition was filed on 5-May-2020.
Southwest Securities (0812) receivers of 64.66% of Celebrate (8212) resigned, replaced
Company announcement, 7-Apr-2020
Company announcement, 7-Apr-2020
Southwest Securities (0812) appoints receivers of 64.66% of Celebrate (8212)
Company announcement, 3-Feb-2020
Although the appointment was purportedly made on 26-Nov-2019, "enforcement" was made on 24-Dec-2019 and a disclosure of interests was filed on 27-Dec-2019 and acknowledged by Celebrate on 30-Dec-2019. Proceedings against the borrower, Nieumarkt Investments Ltd, and guarantors Michael Ng Kwok Wing and Anson Li Chung Ngai are ongoing.
Company announcement, 3-Feb-2020
Although the appointment was purportedly made on 26-Nov-2019, "enforcement" was made on 24-Dec-2019 and a disclosure of interests was filed on 27-Dec-2019 and acknowledged by Celebrate on 30-Dec-2019. Proceedings against the borrower, Nieumarkt Investments Ltd, and guarantors Michael Ng Kwok Wing and Anson Li Chung Ngai are ongoing.
Celebrate (8212): controlling shareholder Michael Ng Kwok Wing "brutally attacked"
Company announcement, 18-Dec-2019
Company announcement, 18-Dec-2019
Southwest Securities (812) proceedings re defaulted HK$158.4m loan against Michael Ng Kwok Wing & Alan Lee Yuk Lun
Company announcement, 8-Jul-2019
The loan to Nieumarkt Investments Ltd is guaranteed by the two individuals and secured on its 64.66% shareholding in Celebrate (8212). The loan was used to finance the takeover of Celebrate in 2017.
Company announcement, 8-Jul-2019
The loan to Nieumarkt Investments Ltd is guaranteed by the two individuals and secured on its 64.66% shareholding in Celebrate (8212). The loan was used to finance the takeover of Celebrate in 2017.
Nuns in the property habit
The Sisters of Saint Paul of Chartres will pay HK$390m for a vacant Kowloon residential site opposite their private hospital. The site changed hands in January for just $298m, and half of it was acquired in 2010-11 for $76.4m. We trace the history of the site. (20-Nov-2015)
The Sisters of Saint Paul of Chartres will pay HK$390m for a vacant Kowloon residential site opposite their private hospital. The site changed hands in January for just $298m, and half of it was acquired in 2010-11 for $76.4m. We trace the history of the site. (20-Nov-2015)
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