Core Viewpoint - The Hong Kong High Court ruled against Ji Changqun, the chairman of Fengsheng Holdings, ordering him to repay approximately HKD 899 million in principal, with total debt potentially reaching HKD 1.2 billion due to accrued interest since June 2019 [1][5]. Group 1: Legal Proceedings - The lawsuit involves Ji Changqun and three companies related to a memorandum signed on March 13, 2019, with plaintiffs Majestic Plan International Limited and Profit Reach Ventures Limited, both subsidiaries of China Tianyuan Financial Group [2]. - The memorandum indicates that Majestic Plan invested HKD 680 million and Profit Reach invested HKD 520 million, totaling HKD 1.2 billion, with specified annual returns of 21.89% and 9% respectively [2]. Group 2: Court Findings - Ji Changqun claimed he was misled into signing the memorandum, asserting it was merely an internal report without legal effect, but the court found his arguments unconvincing due to his experience as a listed company chairman [3]. - The court determined that the memorandum had legal validity, as it included effective consideration, with obligations for the plaintiffs to transfer fund shares in case of default [3]. Group 3: Financial Implications - The court ordered Ji to pay approximately HKD 459 million to the first plaintiff and HKD 440 million to the second plaintiff, totaling around HKD 899 million, plus interest calculated at the best lending rate plus 1% since June 6, 2019 [4].
前“南京首富”季昌群败诉，香港高院判定其需偿还近9亿港元本金