ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Caixin

Fraud claims fly as China investment firm CMIG turns on ex-partner

Conglomerate demands AMTD's Choi repay billions of yuan

Calvin Choi, Chairman and CEO of AMTD International, center, in 2019: In August, CMIG hung banners in Hong Kong accusing Choi of defaulting on his debts.    © Reuters

Embattled private investment conglomerate China Minsheng Investment Group Corp. (CMIG) has turned against former partner Calvin Choi, chairman and CEO of Hong Kong-based financial services provider AMTD Group, accusing Choi of financial fraud, as the debt-ridden investment firm struggles to pay off its debts.

The scandal comes as AMTD Group, whose listed subsidiary calls itself the No. 1 independent investment bank and asset manager in Asia, continues to expand. Since Choi took over in February 2016, AMTD Group has transformed itself from a small mortgage lender into a financial conglomerate with businesses ranging from investment banking and asset management to insurance brokerage and equity investment.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more