Louis Koo, his production house sued for HK$149 million over failed loan repayment

Louis Koo, a renowned Hong Kong film actor and director, is facing legal action for allegedly failing to repay a loan of more than HK$149 million (US$19 million), reported the South China Morning Post. The lawsuit, filed by Sino Hero Ventures, a company based in the British Virgin Islands, accuses Koo and his production company, One Cool Film Production, of defaulting on a HK$70 million loan extended on September 6, 2019.

According to the writ, the interest on the loan has accrued at a monthly rate of 1% or 12% per annum, rising to 1.5% or 18% per annum in the event of a default.

The lawsuit claims that Koo and One Cool Film Production had extended repayment deadlines twice until the end of 2022, but only managed to repay HK$13.9 million since January of that year. The plaintiff has assessed the total outstanding amount as HK$149.4 million as of August 27, stating that the default interest will continue to accumulate until full payment or the court's final determination.

Koo, one of Hong Kong's most recognizable home-grown film icons, has appeared in over 110 local productions since his breakthrough as a television star in the late 1990s. He has won numerous awards, including best actor trophies at both the Hong Kong Film Awards and Asian Film Awards, and was recognized with the Extraordinary Star Asia Award at the New York Asian Film Festival in 2023.