Brief: Huscoke Says Investigation Committee Believes GRG Huscoke, Jinyan Electricity, Continued To Ignore Standardized Control Measures

Huscoke Holdings

18/01/2022 24:53

Jan 18 (Reuters) - Huscoke Holdings Ltd  0704.HK :
    * HUSCOKE - INVESTIGATION COMMITTEE BELIEVES GRG HUSCOKE,
JINYAN
ELECTRICITY, BEEN CONTINUING TO IGNORE STANDARDIZED CONTROL
MEASURES FORMULATED BY CO
    * HUSCOKE - INVESTIGATION COMMITTEE ALSO BELIEVES GRG
HUSCOKE AND
JINYAN ELECTRICITY CONCEALED CREDIT INFORMATION FROM CO
    * HUSCOKE HOLDINGS LTD - EXISTING BOARD OF DIRECTORS &
SENIOR
MANAGEMENT WERE NOT AWARE OF, NOR PARTICIPATED IN INCIDENT
    * HUSCOKE - INVESTIGATION COMMITTEE BELIEVES GRG HUSCOKE,
JINYAN
ELECTRICITY USED FUNDS WITHOUT AUTHORISATION UNTIL CO DISCOVERED
POSSIBLE LOAN
    * HUSCOKE - WITHDRAWING APPROVAL AUTHORITY OF MANAGEMENT &
IMPLEMENTATION OF USAGE & CONTROL MEASURES OF COMMON SEAL OF GRG
HUSCOKE
    * HUSCOKE HOLDINGS - AS AT JAN 18, TOTAL AMOUNT OF PRINCIPAL
OF
LOANS INVOLVED IN INCIDENT ESTIMATED TO BE RMB420.3 MILLION
    * HUSCOKE - BOARD HAS ACCEPTED REPORT AND THE LEGAL OPINION
    * HUSCOKE -  TRADING IN THE SHARES OF THE CO WILL REMAIN
SUSPENDED
UNTIL FURTHER NOTICE
    * HUSCOKE - AS AT JAN 18, TOTAL ACCRUED INTEREST ESTIMATED
TO BE
ABOUT RMB196.6 MILLION & TOTAL CONTINGENT LIABILITIES ESTIMATED
TO BE RMB204.5 MILLION

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