China New Town Development Co has suspended vice-chairman and executive director Shi Jian as sister company SRE Group investigates certain alleged unauthorised transactions carried out by Shi.
Hong Kong-listed SRE Group said on Thursday that Shi had, without the knowledge of SRE Group's other directors, undertaken certain agreements with third-party financial institutions that required SRE Group to guarantee the repayment obligations of certain subsidiaries of China New Town Development.
Most of those subsidiaries were sold to SRE Investment Holding, a substantial shareholder of China New Town Development and a 51.01% shareholder of SRE. Shi is the controlling shareholder of SRE Investment.
SRE Investment in March delayed its payment to China New Town Development for the assets, although Shi had provided a guarantee for the punctual payment of that consideration.
China New Town Development last traded at 5.7 cents on Wednesday.
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Hong Kong-listed SRE Group said on Thursday that Shi had, without the knowledge of SRE Group's other directors, undertaken certain agreements with third-party financial institutions that required SRE Group to guarantee the repayment obligations of certain subsidiaries of China New Town Development.
Most of those subsidiaries were sold to SRE Investment Holding, a substantial shareholder of China New Town Development and a 51.01% shareholder of SRE. Shi is the controlling shareholder of SRE Investment.
SRE Investment in March delayed its payment to China New Town Development for the assets, although Shi had provided a guarantee for the punctual payment of that consideration.
China New Town Development last traded at 5.7 cents on Wednesday.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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