A wallet? No, in this case a whole hotel is stolen and a NZ company gets stung. A Cheung Ping Kwong sells the hotel belonging to a joint venture and pockets the money. Going by his name, Cheung is from Hong Kong. Property rights in China?
The December 2009 year annual report noted further legal problems with the Hainan Island hotel. MCK dropped a bombshell on April 12 when it said Cheung had sold the hotel, with other joint venture developments, and pocketed all the money. The loss to the NZ company is about $26.1 million.
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Chairman Wong Hong Ren and managing director BK Chiu stuttered and stumbled as they explained that a company's seal or chop was the most important feature of a company in China, with its "judicial or legal person". Under Chinese law that person, if he or she has access to the chop, has the power to bind a company without needing any other signature
"Wong and Chiu's tale included threats by criminal thugs, concerns over the safety of the Hainan Island hotel staff and pleas by Wong to the local Communist Party officials."
Sigh,... the officials are the problem.
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