NEW YORK and HONG KONG, Aug. 1,
2020 /PRNewswire/ --
Key Announcements
- Co-Founder Carson Wen, his wife
and another again found jointly and severally liable to American
senior banker and co-founder, Chad
Holm, for breach of a contract for 22% of the Bank of Asia
Project
- Mr Wen recently issued a press release confirming these court
findings, while attempting to distract from the evidence through
inaccurate and misinformed assertions
- FHI and Mr Holm compelled to publicly correct Mr Wen's release
and its material omissions
- Carson Wen, with the assistance
of others, separately found by the courts to have judgment proofed
and dissipated substantial assets available for satisfaction of
various judgments in Mr Holm's favour
- Financial Holdings, of which Mr Wen is the sole director,
remains further liable to Mr Holm for over US$10 million in wage-related claims
- Mr Holm extends invitation for Carson
Wen to privately engage and prove his desire for a
"constructive dialogue" is genuine
FHI Statement
FHI on behalf of its Chairman, Mr Holm, issued the following
statement today: "In a press release issued by Carson Wen on 13 July
2020, Mr Wen made astounding false and misleading
assertions, attempting to downplay his liability and paint himself
as both a victim and a saviour. He is neither. As a
result, we are unfortunately required to issue a response and
provide the irrefutable evidence conveniently omitted from Mr Wen's
release. The motivations behind his ill-advised statements
cannot be clearer."
FHI Full Response (1 Aug 2020)
Judgments in Summary
The conclusions by the two esteemed courts are
indisputable. As the lower court found, "[q]uite
frankly, I had very little difficulty in finding Mr Wen and Ms Fung
liable for breach of the BVI Contract."
The Court of Appeal thereafter dismissed the appeal by Mr Wen and
others, finding, "the conclusion of the learned judge that an
oral contract had been made and was breached by the Appellants is
unimpeachable."
JUDGMENT (LOWER COURT):
https://www.eccourts.org/chad-holm-et-al-v-sancus-financial-holdings-limited-et-al/
JUDGMENT (COURT OF APPEAL):
https://www.eccourts.org/sancus-financial-holdings-limited-et-al-v-chad-holm-et-al/
Further Public Disclosure
In the event that Mr Wen unwisely chooses to perpetuate a very
public debate, FHI and Mr Holm will be left no choice but to
further defend themselves. It is FHI's and Mr Holm's hope
they are not required to do that again.
Further Inquiries
Inquiries can be directed to info@fhi-bvi.com.
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content:http://www.prnewswire.com/news-releases/bank-of-asia-bvi-saga-escalates-chad-c-holm-forced-to-respond-to-false-and-misleading-public-statements-by-long-time-hong-kong-politician-and-lawyer-carson-wen-301104323.html
SOURCE FH Investment Limited