Lofter Group and an affiliate have been sued for HK$130 million over alleged breaches of bond guarantor duties, days after the death of founder Carol Chow.
The writ filed in Hong Kong's High Court names Lofter Group and MSI Properties Strategy as defendants in the action brought by Earth Core Holdings Limited, a Cayman Islands-registered firm. The claim stems from two bond subscriptions from December 2023 involving Our Country HK and Our Dream HK, with Lofter acting as guarantor.
The bonds matured at the end of November 2024. The plaintiff received only partial repayment of HK$88.9 million, leaving outstanding sums of HK$54 million and HK$76 million as of the claim lodged on Thursday.
Carol Chow Pui-yin, Lofter Group's founder, reportedly died by suicide on Tuesday. She was already facing a bankruptcy petition over unspecified debts. Lofter is known for urban renewal projects in Hong Kong's core districts.
