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Louis Koo and firm face HK$149 million loan repayment lawsuit
The alleged interest rate would rise from 12.0% per year to 18.0% per year if the loan defaulted, after repayment was extended to end-2022.
Hong Kong actor and director Louis Koo Tin-lok and his production company were sued for more than HK$149 million (about US$19 million) over an alleged failure to repay a loan dating back to 2019, according to the South China Morning Post.
The civil case filed in Hong Kong’s High Court by Sino Hero Ventures, a British Virgin Islands-registered company, accuses Koo and One Cool Film Production of not repaying a HK$70 million loan issued on September 6, 2019.
The court filing said interest under the loan terms would accrue at 1.0% per month, or 12.0% per year, but would increase to 1.5% per month, or 18.0% per year, in the event of default.
The due date was extended twice until the end of 2022, but the defendants allegedly repaid only HK$13.9 million since January 2022, the writ said.