Pasaca Capital Files Suit Against Yang Rong and WKA Asset Management Over Breach of Promissory Note and Investment Agreement

On Wednesday, December 24, 2025, Pasaca Capital, LLC (PCL) filed a complaint in the Superior Court of the State of California, County of Los Angeles, Northeast District, against Yang Rong, also known as Benjamin Yeung, and WKA Asset Management (USA) Limited. The complaint alleges breach of written contract related to a promissory note and an investment agreement, as well as breach of the implied covenant of good faith and fair dealing. PCL is demanding a jury trial.

Pasaca Capital is a California corporation headquartered in Pasadena. The company is owned by Charles Chunhua Huang, Ph.D., who is also the founder and Chairman of Pasaca Capital, Inc. According to the complaint, Dr. Huang is a well-known businessman and philanthropist.

Yang Rong, also known as Benjamin Yeung, an individual residing in Los Angeles County, California, and WKA Asset Management (USA) Limited, a California corporation with its principal place of business in Monrovia, Los Angeles County, California, are named as Defendants. PCL claims that WKA is an investment company owned and/or operated by Yeung.

The lawsuit centers around two agreements: a $3 million promissory note and a $10 million investment agreement. According to the complaint, in the Summer of 2021, Yeung requested a personal loan from Dr. Huang. Based on their prior relationship, Dr. Huang agreed, and PCL provided Yeung with a $3 million loan with a 0.50% annual interest rate. The loan was memorialized in a Promissory Note Agreement dated August 5, 2021. The maturity date of the loan was extended twice through supplemental agreements, with the final maturity date set for February 4, 2023. PCL alleges that Yeung failed to repay the full principal amount of $3 million, plus interest, after the loan matured.

The second claim involves an investment agreement. PCL alleges that in Winter 2021, Yeung discussed PCL investing in WKA. PCL invested $10 million with WKA, memorialized in a written Investment Agreement dated December 15, 2021. Under the agreement, WKA was to invest the funds in cryptocurrency investments and return the proceeds to PCL after two years, with a possible one-year extension. The term concluded in December 2024. PCL claims that WKA failed to return the original $10 million investment or any gains.

PCL is seeking compensatory damages of $13 million or more, attorneys’ fees, costs of suit, injunctive relief, and interest. The Plaintiff asserts that Yeung breached the Promissory Note and WKA breached the Investment Agreement. The complaint also alleges that both defendants breached the implied covenant of good faith and fair dealing.

Please contact BlockTribune for access to a copy of this filing.