In Depth: Fraud Allegations Fly as Mainland Investment Firm Turns on Hong Kong Money Man

By Wei Yiyang, Wang Duan, Wu Hongyuran and Luo Meihan

In August, CMIG hung banners in Hong Kong accusing Calvin Choi of defaulting on his debts.

Embattled private investment conglomerate China Minsheng Investment Group Corp. Ltd. (CMIG) has turned against its former partner Calvin Choi, chairman and CEO of Hong Kong-based financial services provider AMTD Group Co. Ltd., accusing Choi of financial fraud, as the debt-ridden investment firm struggles to pay off its debts.

The scandal comes as AMTD Group, whose listed subsidiary calls itself the No. 1 independent investment bank and asset manager in Asia, continues to expand. Since Choi took over in February 2016, AMTD Group has transformed itself from a small mortgage lender into a financial conglomerate with businesses ranging from investment banking and asset management to insurance brokerage and equity investment.