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.
