Inter company loans are quite common and usually are payable on demand.
I don't know if the Board (what's the point as JP would have sacked any dissenters) agreed on it, but JP should have paid it back.
Does it surprise me he did it? No, as I think JP only ever cared about himself and out of his many ventures (you'll be surprised how many pies he's got his fingers if you search his directorships) we were the one that laid the golden egg and I rue the day Thompson brought him in.
He came in forced Thompson out and systematically bought the shares of small shareholders, with scheme after scheme.
I hate the bloke, but I don't think he has done anything illegal as he's taken the loan and it's not secret or anything, it's in the company house records.
This is points Lai appointing a monkey to do due diligence for him, as any decent Accountant/Lawyer would have seen this and highlighted it to him.
As suspected, OldburyWBA post confirms what I have said for ages that if Lai had money he could get it out of China.
I only hope behind the scenes he has decided to sell up and is looking for better buyers than him for us.