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 [email protected].

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SOURCE FH Investment Limited