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Yorkshine, subsidiaries receive letter of demand for debt repayment
YORKSHINE Holdings and five of its subsidiaries have received a letter of demand for the repayment of over US$33.24 million loans.
The listed holdings company said after Friday’s trading close that the letter dated July 11 demanded for the loans to be repaid on or before Aug 1, 2018.
In February, the company said that it had filed a police report in Hong Kong against its now former chief executive, Chow Kin Wa. Mr Chow had allegedly withheld accounting vouchers of the group, bank loan agreements and banking facilities, fixed assets register, and other trading related contracts such as sale and purchase contracts.
He was ousted in January, following an investigation into the group's conduct relating to the trading and distribution of iron ore, coal and steel products.
Trading in the company’s shares remain suspended in Hong Kong and Singapore.