KUALA LUMPUR: Hong Kong actor Louis Koo is facing a lawsuit from his business partner over an alleged failure to repay a HK$8.3 million (RM5 million) loan from a decade ago.
South China Morning Post reported recently that Koo, 53, and film producer Alex Dong invested HK$24.9 million (RM15 million) in Eyeteam Limited, a company involved in the distribution of goods from overseas apparel brands.
They agreed to acquire 49 per cent of Eyeteam using Koo's company Product Power in July 2013.
Koo allegedly asked Dong to cover his share of the initial HK$16.6 million (RM10 million) invested as he did not have sufficient funds then.
Dong, who is the chairman of entertainment company Sunny Side Up Culture, is said to have lent Koo HK$8.3 million (RM4.98 million) interest-free with repayment in five years.
Koo allegedly failed to repay Dong, and a year after the loan agreement, Koo suggested to Dong that they acquire the company running a restaurant at Moreton Terrace in Causeway Bay.
Koo and Dong agreed to contribute HK$4.55 million (RM2.7 million) each to purchase 70 per cent of the shares in Wealthford International Industrial Limited through Koo's company Cool Label.
Dong is demanding that 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.