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.
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
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