China Kunda scraps collaboration MOU with COO's nephew

CHINA Kunda Technology Holdings said on Wednesday a non-binding agreement for strategic collaboration with the nephew of its chief operating officer (COO) has been scrapped.

The four-month memorandum of understanding (MOU) was made with Yang Jincheng, the nephew of China Kunda executive director and COO Yang Jinbiao, in May.

The deal was for both parties to work towards business and investment collaborations, with China Kunda to hold majority stakes in any new projects.

China Kunda, a precision plastic injection moulding equipment company, was placed on the Singapore Exchange watch-list in September 2013. Its original two-year deadline to achieve profitability was extended by a year, to Sept 1, 2016, at the start of the month.

China Kunda said it will continue to assess new business opportunities and potential acquisitions.