Chinese cement firm wins injunction against former execs after clashes

China Shanshui Cement

13/04/2017 03:16

HONG KONG, April 13 (Reuters) - China Shanshui Cement Group 
Ltd  0691.HK  said on Thursday it had obtained a Hong Kong court 
injunction against former management after executives were 
allegedly attacked with pepper spray and smoke bombs in a bitter 
corporate dispute. 
    The injunction stops former executives from removing assets 
worth up to 142 million yuan ($20.61 million) from Hong Kong and 
posing as directors or officers of the $2.7 billion company, one 
of the biggest cement makers in China. 
    The dispute underlines the challenges faced by Hong Kong's 
stock exchange in improving governance of mainland Chinese 
companies, which are prone to feuds and statements that would 
raise eyebrows in most other financial centres.    
    China Shanshui said on Monday that current executives had 
been attacked with pepper spray, smoke bombs and water guns and 
held for two hours by associates of a former official when they 
had tried to retake control of company property in China. 
 urn:newsml:reuters.com:*:nL3N1HI1QK 
    Shanshui said on Thursday that some of its employees had 
been detained in China due to alleged criminal conduct, although 
it was not clear if the charges related to the clashes at the 
company facility in the city of Jinan. 
    The company said in a filing on Monday that former deputy 
general manager Mi Jingtian and his associates had illegally 
occupied the Jinan facility.  
    An employee at the facility told Reuters on Monday that 
there had been a confrontation but that Mi had "acted lawfully". 
    Company representatives were not available to comment and 
former executives could not be reached.  
    The injunction will remain in force until a hearing on April 
21. 
    Shares in Shanshui Cement have been suspended since April 
2015 as its public float fell below the 25 percent minimum level 
required after Tianrui Group raised its stake to become the 
company's biggest shareholder. A Tianrui representative was not 
immediately available for comment. 
     
($1 = 6.8890 Chinese yuan renminbi) 
 
 (Reporting by Farah Master; Editing by Stephen Coates) 
 ((farah.master@thomsonreuters.com; +852 28431631 , +852 9631 
8262; Reuters Messaging: 
farah.master.thomsonreuters@thomsonreuters.net)) 
 
Keywords: SHANSHUI CEMENT MANAGEMENT/