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AnAn International's owner ordered by High Court to wind up

FUEL oil trader AnAn International said on Friday evening that its controlling shareholder AnAn Group (Singapore) was handed a High Court order on Sep 7 for the group to be wound up and for liquidators to be appointed for the group.

The order follows a winding up application by VTB Bank against AnAn Group for a claim of about US$170.4 million. The claim by VTB is related to a global master repurchase agreement and a repurchase transaction that both parties entered into in November last year.

AnAn International said that AnAn Group is in the process of filing an appeal to the winding up order, and applying to the High Court for a stay of the winding up order. Arbitration proceedings have been commenced by AnAn Group against VTB.

AnAn International advised shareholders to exercise caution when dealing in the shares of the company.

In a Q2 earnings exchange filing last month, the firm said that any potential liquidation of AnAn Group, as well as any change of control of AnAn International arising from any such liquidation, could have an impact on the firm's business and operations.

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Other than this, the firm's other businesses are expected to continue operating stably, said AnAn International.

In a separate filing on Friday, the group announced that its chief financial officer Jennifer Zhang Dan has resigned, effective Sep 14.

The group is in the process of finding a suitable candidate to oversee its financial, treasury, taxation and other corporate compliance matters.

In the interim, Lin Yongbin, the company's finance manager, will oversee these matters.

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