Anwell Technologies to wind up and delist from SGX

MAINBOARD-LISTED Anwell Technologies on Monday said that the Singapore High Court had on March 9 granted an application by the judicial managers (JM) of the company to discharge its judicial management order (JMO), and for the company to shut down its operations.

In addition, Chee Yoh Chuang, and Abuthahir Abdul Gafoor of RSM Corporate Advisory, who were acting as JM of the company, will be released from their appointment, and be appointed joint liquidators of the firm instead.

In a filing to the Singapore bourse, the liquidators also said they will now prepare the necessary applications to the Singapore Exchange Securities Trading to delist the company's shares.

Just last month, the JM of Anwell Technologies announced that there will not be any further extension of the JMO as they have "exhausted all means to try to achieve the objectives set out".

In November last year, Anwell Technologies' China subsidiary Dongguan Anwell Digital Machinery, and Dongguan Anwell's officers were found guilty of fraud and sentenced by the Chinese courts.

The officers include Dongguan Anwell's executive chairman and CEO Fan Kai Leung, executive director and chief financial officer Wu Wai Kin and group financial controller Kwong Chi Kit Victor.

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

It added that Fan had been sentenced to life imprisonment and a seizure of his personal assets of up to five million yuan, while Wu was sentenced to 20 years' imprisonment and a fine of four million yuan. Kwong was also sentenced to 19 years' imprisonment, along with a fine of four million yuan.

Other officers also received fines and prison sentences, and the Dongguan Anwell officers have filed an appeal.

These sentences relate to an investigation by China's public security officials, first announced by Anwell Technologies in August 2013.

The counter has been suspended and last traded at S$0.09 apiece on Aug 13, 2013.