The Hong Kong Securities and Futures Commission (SFC) reported that worldwide freezing orders against Lo Kai Bong and Major Success Group Limited were lifted after they paid $146,859,320 into court on Oct. 20, 2026. The payment matches the amount covered by the orders and will be available to meet any orders made at the conclusion of the ongoing legal proceedings. The proceedings, commenced in September 2024, concern suspected corporate misconduct involving Lo, LET Group Holdings Limited and Summit Ascent Holdings Limited. Lo is chairman and controlling shareholder of both companies and sole shareholder of Major Success. The SFC seeks a share repurchase order to protect the independent shareholders of LET and Summit Ascent. It also seeks the appointment of a receiver and/or manager to facilitate sales of certain land assets or interests in related subsidiaries to fund the repurchase. The trial is scheduled to begin on Sept. 20, 2027.
Hong Kong SFC reports worldwide asset freezes lifted after $146,859,320 court payment
The Hong Kong Securities and Futures Commission reported that worldwide freezing orders against Lo Kai Bong and Major Success Group Limited were lifted following a $146,859,320 payment into court on Oct. 20, 2026. The funds remain available to meet court orders in ongoing proceedings concerning suspected corporate misconduct, in which the regulator seeks share repurchases to protect independent shareholders of LET Group Holdings Limited and Summit Ascent Holdings Limited. The trial is scheduled to begin on Sept. 20, 2027.