SIMAGI FINANCE COMPANY LIMITED

Re bankrupt Ian Chu Chi Ho
HK Court of First Instance, 21-Jan-2016
Application by money-lenders in what we call the "Chung Nam Network" for the removal of the bankruptcy trustees is dismissed. The trustees have entered into a funding agreement and are looking into "a number of apparently suspicious transactions arising from the relationship of the Bankrupt" with the lenders. Most of the money purportedly borrowed by Ian Chu Chi Ho was paid by the lenders directly HEC Finance 92 Ltd, another company in the network. That was formerly Chung Nam Finance Ltd.
Re bankrupt Ian Chu Chi Ho: applications by money lenders
HK Court of First Instance, 4-Dec-2014
The applicants are owned by Willie (0273), Dragonite (0329) and Forefront (0885), all part of what we call the Chung Nam Network. Mr Chu was an asset manager at Seekers Advisors H.K. Ltd, which is owned by HEC Capital Ltd, a hub of the network. The judge says "it is no secret that the applicants are the subject of [the trustees'] investigation". The trustees are partners of RSM Nelson Wheeler.
Re bankrupt Ian Chu Chi Ho: application by money lenders to see trustees' funding agreement is dismissed
HK Court of First Instance, 18-Nov-2014
"The majority of the funds borrowed by the Bankrupt were paid by Forefront, Sun Willie and Dragonite directly to HEC Finance without ever being paid to the Bankrupt...Further investigations by the Trustees indicate that the Bankrupt continues to be employed by Seekers Financial" - affirmation of trustee Kenny Wong Kwok Keung.
Willie (0273) lends HK$25m to Mascotte (0136)
Company announcement, 11-Apr-2013
Both companies are in the "Chung Nam Network"

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