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BRIEF-Heng Xin China updates on suspected misappropriation of funds in Shanxi Zhongze Heng Yuan Biological Technology
February 23, 2017 / 1:58 PM / 10 months ago

BRIEF-Heng Xin China updates on suspected misappropriation of funds in Shanxi Zhongze Heng Yuan Biological Technology

Feb 23 (Reuters) - Heng Xin China Holdings Ltd

* Update on suspected misappropriation of funds in Shanxi Zhongze Heng Yuan Biological Technology Company Limited

* There is no evidence showing that this fund transfer was authorized or made known to board or board of directors of Beijing Kaiqiao at relevant time

* “Company cannot rule out possibility that this fund transfer might have been conducted without proper authority of company or Beijing Kaiqiao”

* Declared suspension of executive duties of relevant officers of group who are suspected to be involved in suspected misappropriation

* Company has instructed its legal advisers to commence legal actions against suspected wrongdoers

* Has demanded all the relevant officers to immediately hand out all company seals and chops and bank passwords

* Special committee is not entirely convinced by the alleged explanations

* Special committee discovered that misappropriated fund was subsequently transferred by first fund recipient to another PRC co Source text for Eikon: Further company coverage:

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