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Anwell's China subsidiary found guilty of fraud
ANWELL Technologies' judicial manager announced on Tuesday that the listed company's China subsidiary Dongguan Anwell Digital Machinery, as well as Dongguan Anwell's officers, have been found guilty of fraud and sentenced by the Chinese courts.
The officers include Dongguan Anwell's executive chairman and CEO Fan Kai Leung, its executive director and chief financial officer Wu Wai Kin, and its group financial controller Kwong Chi Kit Victor.
RSM Corporate Advisory, acting as judicial managers for Anwell Technologies, said that Dongguan Anwell has been fined RMB 200 million (S$41 million), and has been ordered to repay the Economic & Trade Commission of Guangdong RMB 150 million, the Dongguan Finance Bureau RMB 150 million and Dongguan Trust Co, Ltd RMB 700 million.
It added that Fan has been sentenced to life imprisonment and a seizure of his personal assets of up to RMB 5 million; Wu was sentenced to 20 years' imprisonment and a fine of RMB 4 million; and Kwong Chi Kit Victor was sentenced to 19 years' imprisonment and a fine of RMB 4 million.
Other officers also received fines and imprisonment sentences.
The Dongguan Anwell officers have filed an appeal.
The conviction and sentences relate to an investigation by China's public security officials first announced by Anwell Technologies in August 2013.