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China Environment to receive S$1.2m as settlement of suit against ex-chairman
CHINA Environment will receive S$1.2 million as part of a settlement of a lawsuit it took out against former executive chairman Huang Min and his family.
The terms include full and final settlement of all claims between the parties, not only in relation to the suit, but also all issues outstanding and that may arise in the future, said China Environment, an industrial waste gas treatment company.
Those matters include claims by the defendants and their associates against the company, as well as a claim of 47 million yuan (S$9.4 million) made by Fujian Mintai Environmental Protection Co against the company. The resignation of Mr Huang's son-in-law, Yang Meng Yang, from China Environment's board, was also a settlement term.
China Environment in 2016 took legal action against Mr Huang, alleging either or both of a breach of fiduciary duties and fraud. Those allegations were in relation to certain trade receivables that the company said were false or non-existent. In December 2017, the Singapore High Court granted a worldwide Mareva injunction to freeze up to US$7 million of assets owned by Mr Huang and his family.
The company was in the midst of preparing for a full trial before parties reached the settlement.
Trading in China Environment stock remains suspended.