China Everbright Wins HK$300 Mln Law Suit Against Ex-CEO

China Everbright (0165) said it won a legal action against its former chief executive officer and chairman Ch'ng Poh and is expected to recover HK$300 mln from him.The company said it obtained judgement in its favor against Ch'ng in a legal action commenced in December 1995 for damages in conversion and conspiracy and for breach of fiduciary duty arising from Ch'ng's unlawful use of HK$127 mln of the company's funds in 1985 to finance his purchase of shares in the company.

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