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China Environment unit locked out of office premises on overdue rent
CHINA Environment announced on Tuesday that its subsidiary, Fujian Dongyuan Environmental Protection, has been locked out of its office premises by its landlord, Fujian Mintai Environmental Protection.
The latter, also a subsidiary of China Environment, is controlled by the group's major shareholder, Huang Min, and his spouse.
In the announcement, China Environment said that this is pursuant to a letter of demand received from Fujian Mintai Environmental Protection on Nov 14, claiming the repayment of 3.2 million yuan (S$657,373) in alleged overdue rental arrears.
Due to the lockout, China Environment is "unable to access the office and all the accounting and financial records that are housed inside".
The mainboard-listed industrial waste gas treatment solutions provider added that it is reviewing its options with its legal advisers.
The company will keep the shareholders informed on material developments.