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Foreland Fabritech files court order to change legal rep of unit, get return of documents
FORELAND Fabritech has filed a court order to the Jinjiang People's Court to change the legal representative for a subsidiary it has lost control over, and to order the subsidiary and the man it says is "effectively controlling" the company to return various documents.
In a Wednesday bourse filing, the Chinese textile maker said that it wants the unit Fulian Knitting Co and the man, former Foreland chairman and director Tsoi Kin Chit, to also be responsible for all legal costs.
It wants Mr Tsoi to be replaced as legal representative, and wants the court to order to replace Fulian and Mr Tsoi to return the company's seal, contract's seal, finance's seal, legal representative's seal, accounting records, business licence and other statutory documents.
It also wants a declaration that Fulian and Mr Tsoi perform the obligation on the change of the legal representative.
The company announced in May 2018 that it had lost control over Fulian after Mr Tsoi reportedly refused to cooperate on matters relating to it, including allowing the company access to Fulian's funds and allowing the change of its legal representative.
Foreland Fabritech shares have been suspended since Dec 27, 2016 and the company this year received an SGX notice to delist.