First Natural Foods (1076) under provisional liquidation; Chairman is still on the run
Update on the First Natural Foods case (http://www.hkfinancialnews.com/?p=111): The Chairman, Yeung Chung Lung, is still nowhere to be found and the High Court has appointed Stephen Liu Yiu Keung and David Yen Ching Wai of Ernst & Young to be the provisional liquidators of the Company.
According to Apple Daily, other than Deutsche Bank filing a claim against the Company, Taishin Bank, Commerz East Asia, E. Sun Bank, Shanghai Commercial & Saving Bank, Entie Bank, Yuanta Bank, ICIC Bank, Orix Asia, and Shin Kong Financial Holding have extended HKD 196 million of loan to the Company at the end of 2006. They have held a meeting on 19 Dec 2008 to discuss strategy on how to recover the funds.
January 23rd, 2009 at 5:00 pm
The bastard chairman has probably raped all the cash since the 2007 June report. His son the CEO and son in law are no doubt on the run as well.
January 23rd, 2009 at 5:13 pm
notice there was also a huge increase in receivables and a decrease of $150m in cash in the last report. The chairman obviously stuffed his pockets before going on the run