Brief: Silverman updates on legal proceedings

A Metaverse Co

28/10/2015 22:14

Oct 29 (Reuters) - Silverman Holdings Ltd  1616.HK : 
* Says plaintiff also claimed for a compensation of RMB1 million as well as the relevant legal costs 
* Noted that Liu Dong , an executive director and a controlling shareholder of the company, has been named as a defendant 
* Plaintiff claimed that the transfer of the equity interests of the Zibo subsidiary to the Hong Kong subsidiary should be null and void 
* Says legal proceedings do not have material adverse impact on the normal business operations of the co 
* Plaintiff claimed that hk subsidiary should return equity interests of zibo subsidiary to the original company 
* Liu and the company consider that the grounds of the plaintiff's claims are without merit" 
* Plaintiff alleged that part of equity interests of zibo subsidiary wrongfully transferred through series share transfers to Hong Kong subsidiary 
* As final judgement will be handed down after a period of time, and depending on results of final judgement, interests of group may be materially affected 
* Says Liu and the company will defend the legal proceedings 
* Liu and the company are in the course of seeking advice from legal advisers 
 
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