China Environment authorises subsidiary's creditor to take over management of unit
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Nisha Ramchandani
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Singapore
CHINA Environment has given authorisation to a creditor of its wholly owned unit Anhui Dongyuan Environmental Protection Co to take over management of Anhui and to collect rental income at its property.
In a filing with the Singapore Exchange on Monday, China Environment said that it has given Lin Qun Bin - who allegedly is owed a working capital loan of 6.47 million yuan (about S$1.28 million) - an authorisation letter to act on behalf of China Environment's legal representative in removing Anhui's current management and taking over management of Anhui.
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