Ferrier Hodgson starts to have a good year this year. The next day after they were appointed as liquidator for Peace Mark, they have also another deal: Swimwear manufacturer Tack Fat Group (928) has voluntarily appointed Ferrier Hodgson as their liquidator. Tack Fat has outstanding loans totaling about HK$ 1.1 Billion.
Their story is kinda bizarre. They have released a company announcement on Wednesday saying that two of their executive directors have resigned. In the announcement they provided a resignation letter which unfolds a juicy story. Below is what Tommy Lam, Yick Sing, assistant to the chairman wrote in his resignation letter:
On 17th August, 2008, in the execution of my duty, I attended the plant at Shajiang, Shenzhen with
a view to understanding the operation of the plant and the indebtedness position of the company.
I was held in custody by a group of people claiming to be officials from the local court. I could
only escape from their clutches after my Hong Kong friend using his contact in Security Bureau.
Since the incident, I have been suffering serious post traumatic stress disorder syndrome.
It sounds too much like a movie! And now, sources said that the company chairman, “King of Swimwear”, Kwok Wing, has fled to Cambodia. Maybe he has lots of friends and assets there, but I feel bad for him if he will need to spend the rest of his life there.
