HONG KONG: A firm controlled by Hong Kong financier Lee Seng Huang won a default ruling against the former boss of CMIG International Holding Pte in a lawsuit claiming he helped conceal US$769mil (RM3.6bil) in loans to the investment firm’s majority owner, according to a Singapore High Court ruling.
Battered by mounting losses on loans to developers including China Evergrande Group, China Minsheng Banking Corp. saw their stocks tumble 31% in the 12 months through last week.