<ET Net News Agency, 16 January 2012> Sino Dragon New Energy (00395) said it has no
intention to inject further funds to Haney Holdings and continue the construction works
and it is currently seeking legal advice regarding the procedures for cancellation of the
acquisition and demand the return of about 130 million considerations shares that had been
issued to Wang Xiaoping Peter.
Sino Dragon originally agreed to acquire the entire share capital of Haney Holdings at
HK$410 million. Haney Holdings, through its wholly-owned subsidiary, mainly provides
consulting services to Weihai Fuhaihua Fluid Chemical, which is principally engaged in the
sale and storage of fuel oil in the PRC and is planning to extend its business to storage
and wholesale of petrochemicals in the PRC in the future. The vendor at that same was Wang
Xiaoping Peter.
In November 2011. Sino Dragon was informed by Weihai Harbour by fax that there was an
issue regarding the 49% equity interest in Fuhaihua Company. It was discovered that a PRC
individual, who was one of the former shareholders of Fuhaihua Company holding 70% equity
interest in Fuhaihua Company and sold his entire equity interest in Fuhaihua Company to
Weihai Shenzhen Hong Kong Investment Consulting Company Limited in March 2008, initiated a
monetary civil claim against Weihai Shenzhen, the entity currently holding 49% equity
interest in Fuhaihua Company.
Weihai Harbour also notified Sino Dragon that it had filed an arbitration notice to
Weihai Arbitration Committee on 14 November 2011 and alleged that there was material
breach of the terms of the co-operation framework agreement and land use right transfer
agreement by Fuhaihua Company. In addition, it was alleged that Fuhaihua Company has not
settled balance of the consideration for the transfer of land in the amount of Rmb8
million.
Weihai Harbour applied to Weihai Intermediate Court to freeze the land and Fuhaihua
Company has appointed its PRC legal counsel to defend the case.
全新節目《說說心理話》青少年不可以戀愛！？真實個案講述驚心動魄經歷► 即睇
