A Hong Kong court sided with MGM Grand Paradise Ltd, a subsidiary of MGM China Holdings Ltd, in a lawsuit over a gaming debt of HK$9.3 million (US$1.2 million) incurred by a Hong Kong-based businessman last year. The director of Hong Kong-based company Richful International Investment Ltd., Chiu Tak Wah received a line of credit of HK$10 million for gambling activities. He spent HK$9.3 million, but did not pay back the loan, the court concluded. When MGM resorted to the Hong Kong courts to get the money back, Mr Chiu appealed, arguing that Macau would be the appropriate forum for the proceeding. According to the judgment handed out on Monday, judges stressed that the businessman “himself has agreed that the loan agreement may be enforced by the plaintiff in the jurisdiction where his assets may be found”, our sister publication Business Daily reports today.
—
