Naibu Global International Co PLC Update (7388L)
April 29 2015 - 10:30AM
UK Regulatory
TIDMNBU
RNS Number : 7388L
Naibu Global International Co PLC
29 April 2015
Press Release 29 April 2015
Naibu Global International Company Plc
("Naibu", the "Company" or the "Group")
Update
Further to the announcement made on 18 February 2015, the
non-executive Directors of Naibu have been unable to obtain the
co-operation of Huoyan Lin, the Executive Chairman of Naibu, to
progress the appointment of KPMG to review the financial position
of the Group. They have therefore appointed Fangda Partners, a
leading Chinese law firm, to initiate legal action to gain control
of the Chinese operating subsidiary of the Group and the associated
bank accounts.
To cover the initial costs of this action, the non-executive
Directors, on behalf of the Company, have raised loans from a
number of shareholders.
The non-executive Directors are aware of the press reports that
Huoyan Lin has been imprisoned since November 2014. They believe
these to be untrue and confirm that they have had a number of
telephone conversations and email exchanges with Mr Lin during this
period. He has, however, refused to cooperate with the
non-executive Directors. Accordingly, the non-executive Directors
have terminated the employment contracts of Huoyan Lin, executive
Chairman and Congdeng Lin, Vice President of Production, although
they remain as statutory directors of the Company for the time
being.
The Company's shares will remain suspended. Further
announcements will be made as the legal work progresses.
- Ends -
Apart from the above, there is no further information available
at the current time.
Naibu Global International
Company Plc
Giles Elliott, Non-Executive Tel: +44 (0)
Deputy Chairman 20 7776 6550
ZAI Corporate Finance Limited Tel: +44 (0)
20 7060 2220
Daniel Stewart & Company Tel: +44 (0)
20 7776 6550
This information is provided by RNS
The company news service from the London Stock Exchange
END
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