As show by the latest filing, we have a Fujian/China company listed in HK asset raped by management. The sad state of affairs started when the chairman (Yeung Chung Lung), son (Yang Le) and son-in-law(Ni Chao Peng) resigned from the board. The chairman and his son then subsequently disappeared.
Now First Natural, a public HK company cannot assert any ownership rights over it's subsidiaries in China, resulting in a loss of RMB$1.5B and all assets. The provisional liquidators in some cases cannot even get a hearing in a Chinese court:
(iii) Ningbo Dingwei
The Company has attempted to file a statement of claim with the Ningbo Intermediate People’s
Court of Zhejian Province ( ) but the filing was denied by the court.
The company had a over RMB$800m in cash and this has disappeared. Cash as seen on the balance sheets of Chinese companies is NO margin of safety for investors.
The family of thieving bastards:
No comments:
Post a Comment