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Naibu Global Intl Co (NBU)

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Wednesday 29 April, 2015

Naibu Global Intl Co

Update

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 Deputy Chairman

Tel: +44 (0) 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
 
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