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Adela Ma

Yeebo (International Holdings) has filed a writ claiming damages of more than $86 million from chairman Makie Hui Po-yuen.

In the writ, the company and executive director Rue Steel Marshall accuse Mr Hui of fraud and of breaching fiduciary duty.

 The stock exchange suspended trading in Yeebo shares and warrants on Tuesday after learning of the court proceedings.

 Yeebo has been granted an ex parte application restraining the removal of assets by Mr Hui, who holds 39.49 per cent of the company, pending a hearing tomorrow.

 Yeebo, a manufacturer and distributor of liquid crystal displays and printed circuit boards, has been embroiled in controversy in recent months.

 Problems stemmed from its relationship with Kin Son Electronic (Holdings), now in liquidation.

 Kin Son's chairman, So Kin-keung, was a long-time friend of Mr Hui. Mr So has been missing since Kin Son's financial problems surfaced.

 Last month, Yeebo fought off in court a claim for about $11 million by Daiwa Bank, which alleged Yeebo had made a loan guarantee for Kin Son.

 In August last year, Mr Hui and other Yeebo directors executed a joint indemnity in favour of Yeebo against losses in the transactions with Kin Son.

 The transactions included unsecured loans of more than $8 million advanced by Yeebo to Kin Son in May last year.

 Mr Hui has also pledged 40 million shares in Yeebo, or 8.9 per cent, in favour of three individuals who lent money to Mr So. He also put up 10 million Yeebo shares to a deposit-taking company as security on a loan made to Kin Son.



Yeebo takes legal action to claim $86m damages from chairman