30th September 2020 – (Hong Kong) Duncan Chui, a third-generation family member of the owner of Fook Lam Moon Restaurant in Wan Chai, was sued again for debt amounting to over HK$5.52 million. One of his creditors filed a lawsuit in the Court of First Instance of the High Court yesterday to demand Chui to pay the outstanding debt with interests. The defendant entered into a loan agreement with the plaintiff on 21st November 2013.
Fook Lam Moon Restaurant has issued a statement earlier, stating that Chui has resigned as a director and no longer holds any position within the group.
Duncan Chui was sued for debts several times in recent months. He was again sued in the High Court on 17th September by a finance company. The plaintiff alleged that a company in which Chui held shares and served as a director had a second mortgage where the restaurant was located last year, with a loan of HK$12 million, and Duncan served as the loan guarantor.
As the company failed to repay the loan in accordance with the contract, the plaintiff filed a lawsuit against the company and Duncan. The total principal plus interest exceeded HK$14 million. In this case, the plaintiff, Kingsway SW Finance Limited sued the first defendant, COQUEEN COMPANY LIMITED and the second defendant, Duncan Chui for the outstanding debts. The plaintiff alleged in the filing that the first defendant used its property, i.e. No. 3, G/F, Lee Man Building, Johnston Road, Wan Chai in March last year as a second mortgage to the plaintiff to borrow money. The loan was originally scheduled to be repaid in 3 months while the second defendant signed as a personal guarantor. However, the first defendant did not repay the payment after the due date. After discussion, the plaintiff and the first defendant reached an agreement in September last year to amortize the payment by instalments. However, the first defendant only repaid the first instalment of HK$1 million and did not repay subsequently.