SFC obtains worldwide freezing order against Lo Kai Bong and Major Success Group Limited

The Court of First Instance granted the Securities and Futures Commission (SFC) a worldwide injunction over the assets of Mr Lo Kai Bong, chairman, executive director and controlling shareholder of LET Group Holdings Limited (LET) and Summit Ascent Holdings Limited (Summit Ascent) on 11 June 2026. It also granted a worldwide injunction under the Chabra jurisdiction over the assets of Major Success Group Limited (Major Success) (Notes 1 and 2).

The injunction prohibits Lo and Major Success from removing, disposing of, dealing with or diminishing the value of their assets, whether in Hong Kong or elsewhere, up to a total value of HK$146,859,320.

At a subsequent hearing on 18 June 2026, the Court ordered that the injunctions remain in effect until the next scheduled hearing on 26 August 2026.

The injunctions were obtained as part of the SFC’s ongoing proceedings under section 214 of the Securities and Futures Ordinance (SFO) against Lo, LET and Summit Ascent. The SFC seeks, among other remedies, a share repurchase order to protect the interests of independent members of LET and Summit Ascent. The SFC also seeks the appointment of a receiver and/or manager over LET and Summit Ascent to facilitate the sale of certain land assets or interests in related subsidiaries, with the proceeds to be used for the share repurchase. The injunctions are intended to preserve assets to satisfy any orders the Court may make at the conclusion of these proceedings (Note 3).

The trial for these proceedings will begin on 20 September 2027.

The SFC’s Executive Director of Enforcement, Mr Michael Duignan, said: “The SFC will take firm action to prevent the dissipation of assets and ensure that wrongdoers cannot evade the consequences of their misconduct. These orders are critical for achieving meaningful and effective investor remedies. The SFC remains committed to safeguarding the interests of investors and maintaining the integrity of Hong Kong’s markets.”

1. The shares of LET and Summit Ascent were listed on the Main Board of The Stock Exchange of Hong Kong Limited on 22 February 2007 and 10 January 1994 respectively and delisted on 1 September 2025. Summit Ascent is a subsidiary of LET, with 69.66% of its shares being indirectly held by LET. At all material times, LET and its subsidiaries, including Summit Ascent, were principally engaged in the development and operation of a resort in the Philippines; the operation of a hotel and gaming business in Russia; property development in Japan; and the management and operation of malls in Chinese Mainland. 2. As Lo is the sole shareholder and a director of Major Success, a company incorporated in the British Virgin Islands, its assets may be beneficially owned or controlled by Lo and therefore available to satisfy any judgment debt obtained against him. The Chabra injunction freezes the assets of Major Success on this basis. 3. The SFC commenced legal proceedings under section 214 of the SFO in September 2024 against Lo, LET and Summit Ascent. For further details, please refer to the SFC’s press release dated 27 September 2024.

Page last updated 25 Jun 2026