TOMO Holdings Seeks Legal Advice and Considers Disposing Target Group Amid Investment Losses

Reuters

Jul 28

TOMO Holdings Seeks Legal Advice and Considers Disposing Target Group Amid Investment Losses

TOMO Holdings Ltd. is currently navigating complexities in its investment in associates, as outlined in a recent update. The Board of Directors has determined that recovering the company's investment in the Target Group is improbable. Despite efforts, including reporting to the Hong Kong Police, requesting financial information, and filing a creditor's bankruptcy petition against Mr. Tsang, the company has not received any economic benefits since the acquisition. The Board, in consultation with auditors, anticipates a qualification on the opening balances of the 2025 financial statements, with resolution expected by 2026. Legal advice is being sought regarding potential civil actions for the losses incurred, and the company is exploring the possibility of disposing of the Target Group.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. TOMO Holdings Ltd. published the original content used to generate this news brief on July 28, 2025, and is solely responsible for the information contained therein.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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The Board of Directors has determined that recovering the company's investment in the Target Group is improbable. Despite efforts, including reporting to the Hong Kong Police, requesting financial information, and filing a creditor's bankruptcy petition against Mr. Tsang, the company has not received any economic benefits since the acquisition. The Board, in consultation with auditors, anticipates a qualification on the opening balances of the 2025 financial statements, with resolution expected by 2026. Legal advice is being sought regarding potential civil actions for the losses incurred, and the company is exploring the possibility of disposing of the Target Group.Disclaimer: This news brief was created by Public Technologies  using generative artificial intelligence. 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