HK actor Louis Koo sued over alleged failure to repay RM5mil loan

Renowned Hong Kong actor Louis Koo is facing a lawsuit from his business partner over an alleged failure to repay a HK$8.3mil (RM5mil) loan from nearly a decade ago.

Court documents reveal that Koo and film producer Alex Dong invested HK$24.9mil (RM15mil) in Eyeteam Limited, a company involved in the distribution of goods from overseas apparel brands.

The pair agreed to acquire 49% of Eyeteam using Koo’s firm Product Power in July 2013.

Despite initiating the joint venture, Koo allegedly asked Dong to cover his share of the initial HK$16.6mil (RM10mil) investment as he didn’t have enough money at the time.

Dong, chairman of entertainment group Sunny Side Up Culture, was said to have lent Koo HK$8.3mil on an interest-free basis, with the expectation of repayment within five years.

However, Koo, 53, allegedly failed to repay any of the borrowed amount.

A year after the loan agreement, Koo proposed to Dong that they acquire the company running a Chinese restaurant at Moreton Terrace in Causeway Bay.

Both parties agreed to contribute HK$4.55mil (RM2.7mil) each to purchase 70% of the shares in Wealthford International Industrial Limited through Koo’s personal company Cool Label.

According to South China Morning Post, the lawsuit demands Koo hold half of the shares of Product Power and Wealthford “on trust in favour of Dong” and that he was liable to transfer the stakes to Dong upon demand.

The publication added that court documents do not allege any civil wrongdoings by Koo regarding the restaurant investment.