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Shanghai Turbo updates on legal tussle
GIVING updates on its legal tussle against former executive director Liu Ming, precision engineering group Shanghai Turbo said that on May 18, 2018, it had filed an appeal with the Court of Appeal against the High Court's May 14, 2018 decision concerning Liu's jurisdictional challenge.
The appeal was related to the court's previous decision that Liu's lawsuit should be heard by Chinese courts, and allowed the jurisdictional challenge.
Shanghai Turbo has been engaged in a legal imbroglio with the former executive director since he was voted off the board in April 2017.
Also on May 18 this year, the company said Zhang Ping and Lin Chuan Jun had filed a fresh action against it to "restrain it from issuing any new shares" until an extraordinary general meeting (EGM) is held for the requisition notice.
The duo filed the notice on Jan 4, 2018, which required the company's board to convene an EGM within two months from receipt to remove the company's entire board and to appoint Lin, Koh Wee Kiang and Zhang Wen Jun as company directors with effect from the date of the EGM.
In its latest exchange filing, Shanghai Turbo added that the court had also adjourned a hearing on May 24, 2018 to June 18, which was meant to hear parties on costs and all other outstanding matters.
The court concluded that Shanghai Turbo will convene the EGM by June 14 and hold the EGM after the court hearing on June 18, 2018, but by July 24, 2018.
Shanghai Turbo is currently seeking legal advice on the foregoing and outstanding matters, it said.