UTime served in Hong Kong lawsuit over alleged loan guarantee; plaintiff seeks HK$20.4 million
WTO•UTime has been served with a Hong Kong High Court lawsuit alleging it guaranteed another defendant’s loan obligations. The plaintiff seeks about HK$20.4 million, including principal, interest and costs.
1. Claim and response
Giant Credit brought proceedings against UTime in Hong Kong High Court, alleging UTime guaranteed another defendant’s loan obligations. The plaintiff seeks about HK$20.4 million, including principal, interest and costs, plus any additional amounts awarded by the court. UTime is reviewing the claim with counsel, plans to respond by the deadline and expects to defend itself, but says it cannot estimate the potential loss.
