Brief: China Investment Fund updates on investigation into suspected misappropriation of company funds

Carmen Century Investment

17/05/2016 15:53

May 17 (Reuters) - China Investment Fund Co Ltd  0612.HK : 
 
 * On May 13, writ was delivered to principal place of business in Hong Kong of co for company and its unit as 1st and 2nd Defendants 
 * Informed by Hong Kong police evidence collected so far was insufficient to charge with reference to criminal standard 
 * "It is observed that the three RMB10 million bills appeared to be forged", according to findings by Independent Accounting Firm 
 *  Yang Yan as plaintiff claims relief including forfeiture of a deposit in amount of RMB10 million paid by or on behalf of 1st and 2nd Defendants 
 * "Company and unit denies allegations raised in the action", relating to Writ of Summons on claim  issued by Yang Yan  
 * Company considers that there is no basis for action 
 * Will discuss with its legal advisors and consider including the instigation of civil proceedings to recover its loss or damages 
 * Board has resolved to dissolve the Special Investigation Committee  
 * Board has decided not to proceed with further investigation of the incident by the independent accounting firm 
 * Zhang Xi, Luk Hong Man, Hammond confirm did not carry out procedures to ascertain authenticity of RMB25 mln bill, RMB30 mln bill before transactions took place 
 * Resolved to also continue with the suspension of duties of Shi Minqiang and Yao Zhixiang as non-executive directors 
 
   Source text for Eikon  ID:nHKS33jKFj  
 
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