The Macau Metro Monitor, October 11, 2012
MGM CHINA WINS DEBT SUIT AGAINST HK BUSINESSMAN Macau Business
A Hong Kong court sided with MGM Grand Paradise, a subsidiary of MGM China, in a lawsuit over a gaming debt of HK$9.3 million (US$1.2 million) incurred by Chiu Tak Wah, a director of HK-based Richful International Investment Ltd. Chiu had received a line of credit of HK$10 million and spent HK$9.3 million gambling but he did not pay back the loan. When MGM resorted to the Hong Kong courts to get the money back, 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.”