Imperial Pacific International Holdings Limited 博華太平洋國際控股有限公司
HKICPA fines Charles Chan Wai Dune, Delores Teh Eng Hua, Yau Hok Hung & CCIF CPA Ltd
HKICPA, 5-May-2022
For bad audit work on the 2005-2007 accounts of First Natural Foods (1076), now reborn as Imperial Pacific International Holdings Ltd. The main subsidiary of the Fujianese eel producer turned out to have 2 sets of accounts and there were forged sales. Ever alert, It took 7 years until the Financial Reporting Council received a complaint "from a regulator" (probably SFC) and another 3.5 years until they issued a report and sent it to the HKICPA in Nov-2018. We note that Mr Chan and his firm were previously fined by HKICPA in 2010 in a separate case.
HKICPA, 5-May-2022
For bad audit work on the 2005-2007 accounts of First Natural Foods (1076), now reborn as Imperial Pacific International Holdings Ltd. The main subsidiary of the Fujianese eel producer turned out to have 2 sets of accounts and there were forged sales. Ever alert, It took 7 years until the Financial Reporting Council received a complaint "from a regulator" (probably SFC) and another 3.5 years until they issued a report and sent it to the HKICPA in Nov-2018. We note that Mr Chan and his firm were previously fined by HKICPA in 2010 in a separate case.
Simsen Capital Finance Ltd v Jiang Quanlong, Chairman of China Rare Earth (0769) and Pan Asia Environmental Protection (0556)
| Loan announcement
HK Court of First Instance, 16-Mar-2017
The defence case involves a tale of Macau gambling debts and the people behind Imperial Pacific (1076). The original loan was announced by Simsen (now Huarong International Financial Holdings Ltd) on 27-Jun-2014, but it did not disclose the borrower. The plaintiff's application for summary judgment in the amount of HK$212m is dismissed. The court rules that there is a triable issue as to whether the loan is enforcable.
HK Court of First Instance, 16-Mar-2017
The defence case involves a tale of Macau gambling debts and the people behind Imperial Pacific (1076). The original loan was announced by Simsen (now Huarong International Financial Holdings Ltd) on 27-Jun-2014, but it did not disclose the borrower. The plaintiff's application for summary judgment in the amount of HK$212m is dismissed. The court rules that there is a triable issue as to whether the loan is enforcable.
Former chairman of First Natural Foods (1076) disqualified and ordered to pay HK$84.88m compensation
| Judgment
SFC, 20-Feb-2017
Mr Yeung Chung Lung, his son and son-in-law were absent from the trial and presumably absent from HK, so whether Mr Yeung will pay up, and whether any of them will face criminal charges, remains to be seen.
SFC, 20-Feb-2017
Mr Yeung Chung Lung, his son and son-in-law were absent from the trial and presumably absent from HK, so whether Mr Yeung will pay up, and whether any of them will face criminal charges, remains to be seen.
Big money, big questions at Trump protege's remote casino
Bloomberg, 14-Nov-2016
"The biggest selling point to me was the trip to the Mariana Islands, a part of the world where I’ve never been." - Ed Rendell, previously governor of Pennsylvania and chairman of the DNC and now advisor to Imperial Pacific (1076).
Bloomberg, 14-Nov-2016
"The biggest selling point to me was the trip to the Mariana Islands, a part of the world where I’ve never been." - Ed Rendell, previously governor of Pennsylvania and chairman of the DNC and now advisor to Imperial Pacific (1076).
Imperial Pacific (1076) "identifies" 2% of Saipan to be covered in solar panels from Hanergy (0566)
Company announcement, 20-Apr-2015
When two bubbles get together, perhaps you get fusion power too. They will still need alternative power generation when it's dark.
Company announcement, 20-Apr-2015
When two bubbles get together, perhaps you get fusion power too. They will still need alternative power generation when it's dark.
Topping Chance Development Ltd v CCIF CPA Ltd
HK Court of First Instance, 27-Feb-2015
Concerning the past audits of First Natural Foods Holdings Ltd, now known as Imperial Pacific International Holdings Ltd (1076). CCIF is injuncted not to destroy any more documents, pending trial of the action against it.
HK Court of First Instance, 27-Feb-2015
Concerning the past audits of First Natural Foods Holdings Ltd, now known as Imperial Pacific International Holdings Ltd (1076). CCIF is injuncted not to destroy any more documents, pending trial of the action against it.
The bubbles in CNN
We warn investors of 3 bubbles amounting to HK$20.0bn (US$2.58bn) in the "Chung Nam Network" of listed companies, Heritage (0412), Rising Dev (1004) and Mascotte (0136) and look at a blatantly bad decision by the board of Hao Tian (0474), and an undisclosed Very Substantial Acquisition by that company. One of the bubbles is even a Russian doll "double bubble" - one owns the other. (8-Jan-2015)
We warn investors of 3 bubbles amounting to HK$20.0bn (US$2.58bn) in the "Chung Nam Network" of listed companies, Heritage (0412), Rising Dev (1004) and Mascotte (0136) and look at a blatantly bad decision by the board of Hao Tian (0474), and an undisclosed Very Substantial Acquisition by that company. One of the bubbles is even a Russian doll "double bubble" - one owns the other. (8-Jan-2015)
Imperial Pacific bubble
We look at the HK$24.8bn (US$3.2bn) bubble in Imperial Pacific (1076) surrounding a Macau junket operation and a casino project in Saipan. (8-Jan-2015)
We look at the HK$24.8bn (US$3.2bn) bubble in Imperial Pacific (1076) surrounding a Macau junket operation and a casino project in Saipan. (8-Jan-2015)
Hao Tian (0474) grants options over shares in Imperial Pacific (1076) to Mr Jiang Jianhui
Company announcement, 4-Jul-2014
"The Call Option Deed provides the Group with the right to sell the Option Shares at the Exercise Price" - No it doesn't! It is not a put option.
Company announcement, 4-Jul-2014
"The Call Option Deed provides the Group with the right to sell the Option Shares at the Exercise Price" - No it doesn't! It is not a put option.
First Natural Foods (1076): concentration warning
SFC, 3-Oct-2013
Comment: at 30-Jun-2013, the loss-making shell, which had only 23 employees, had net tangible assets of $0.38/share, but it closed tonight at $4.89. The 75% shareholder has just sold the block to a new controller at $1.00/share, triggering a general offer at that price. It would be rather convenient for the offeror if the price did not crash below $1.00 until after the offer closed.
SFC, 3-Oct-2013
Comment: at 30-Jun-2013, the loss-making shell, which had only 23 employees, had net tangible assets of $0.38/share, but it closed tonight at $4.89. The 75% shareholder has just sold the block to a new controller at $1.00/share, triggering a general offer at that price. It would be rather convenient for the offeror if the price did not crash below $1.00 until after the offer closed.
SFC seeks court orders against founder of First Natural Foods (1076) and others
SFC, 24-Apr-2013
That's if they can ever reach him.
SFC, 24-Apr-2013
That's if they can ever reach him.
FU JI Food and Catering puts itself into provisional liquidation
Company announcement, 20-Oct-2009
Following in the footsteps of First Natural Foods (1076).
Company announcement, 20-Oct-2009
Following in the footsteps of First Natural Foods (1076).
First Natural Foods says it made a false and unauthorised statement on 12-Dec-08
Company announcement, 19-Dec-2008
Now it says 3 mainland directors resigned by fax on 12-Dec. The remaining Two INEDs and an ED are unable to contact the Chairman. So an ED and an INED held a board meeting on 17-Dec, after which the ED and the other INED resigned.
Company announcement, 19-Dec-2008
Now it says 3 mainland directors resigned by fax on 12-Dec. The remaining Two INEDs and an ED are unable to contact the Chairman. So an ED and an INED held a board meeting on 17-Dec, after which the ED and the other INED resigned.
Deutsche Bank's claim on First Natural Foods for termination of toxic derivatives
Company announcement, 5-Nov-2008
Company announcement, 5-Nov-2008
Termination of Deutsche Bank toxic derivative
Company announcement, 3-Nov-2008
First Natural Foods says it was "induced" by Deutsche Bank's "representations" to sign the contract, and now regards it as unenforceable. Comment: good, now what about Sinotronics and China Packaging, amongst others?
Company announcement, 3-Nov-2008
First Natural Foods says it was "induced" by Deutsche Bank's "representations" to sign the contract, and now regards it as unenforceable. Comment: good, now what about Sinotronics and China Packaging, amongst others?
Deutsche Bank's toxic derivatives
Two years ago, we successfully deterred the issuance of further toxic convertibles by listed companies in Hong Kong. Now we find that another bank is peddling toxic derivatives to small listed companies, including three small, apparently cash-rich, HK-listed industrial companies from Fujian. Both sides are to blame. Listed companies should only use derivatives to reduce risk, not to increase it, and banks should not be selling such unsuitable and toxic products to unsophisticated clients. (30-Nov-2007)
Two years ago, we successfully deterred the issuance of further toxic convertibles by listed companies in Hong Kong. Now we find that another bank is peddling toxic derivatives to small listed companies, including three small, apparently cash-rich, HK-listed industrial companies from Fujian. Both sides are to blame. Listed companies should only use derivatives to reduce risk, not to increase it, and banks should not be selling such unsuitable and toxic products to unsophisticated clients. (30-Nov-2007)
SFC prosecutes Mr Tung Fai for disclosure failure in shares of First Natural Foods (1076)
SFC, 8-Jul-2003
SFC, 8-Jul-2003
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