Anwell Technologies to be wound up, no further extensions for judicial management

THE judicial managers of Anwell Technologies announced that there will not be any further extension of the judicial management order as they have exhausted all means to try to achieve the objectives set out.

They will hence apply to the Singapore High Court for their release and the discharge of the order, and concurrently for the winding up of the company.

The listed company's China subsidiary Dongguan Anwell Digital Machinery, as well as Dongguan Anwell's officers, had 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.

Judicial managers from RSM Corporate Advisory said last November that Dongguan Anwell was fined 200 million yuan (S$41 million), and has been ordered to repay the Economic & Trade Commission of Guangdong 150 million yuan, the Dongguan Finance Bureau 150 million yuan and Dongguan Trust Co Ltd 700 million yuan.

It added that Fan has been sentenced to life imprisonment and a seizure of his personal assets of up to five million yuan; Wu was sentenced to 20 years' imprisonment and a fine of four million yuan; and Kwong was sentenced to 19 years' imprisonment and a fine of four million yuan.

Other officers also received fines and prison sentences. The Dongguan Anwell officers have filed an appeal. Investigations by the Chinese public security officials dated as far back as 2013.