Ajisen sues former CFO for fund misuse

Local | Charlotte Luo Mar 15, 2019
Ajisen China Holdings Limited has sued its former chief financial officer for HK$33 million on suspicions of improperly using company funds. The company filed a writ to the High Court Wednesday naming Lau Ka-ho, the ex-CFO, and Juanita Lin Chunchun as defendants. According to the writ of summons, two of the three plaintiffs, Ajisen Group and Ajisen China accused Lau of breaching his duties and improperly using company funds, worth HK$24.3 million, through fraudulent checks. The third plaintiff, Fortune Choice, also demanded Lau to repay the salary and bonuses he received from them, through Ajisen Group and Ajisen China, between 2012 and 2018, which equates to HK$8.73 million. All three plaintiffs alleged that Lin holds two properties in Yuen Long for Lau. They asked for an order for sales of the properties to repay Ajisen Group and Ajisen China. Lau and Lin have the same contract address, which is one of the Yuen Long properties. The writ alleged Lau of using fraudulent checks to misappropriate HK$1.37 million in around 2012 and HK$23 million between 2013 and 2018. The writ added that the two properties in Yuen Long - one in Royal Palms and the other in Palm Springs - "represents the misappropriated funds or proceeds of the fraud." The proceeds of sale of the two properties need to deduct the amount of mortgages and pay the companies back. Lau was fired by Ajisen last December on suspicion of improperly using company funds, and the police were called at the time.

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May 2019