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China Environment unit locked out of office premises on overdue rent

Tuesday, October 25, 2016 - 18:55

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.

sentifi.com

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