Sinocom (0299): update on investigation by Kroll
Company announcement, 4-Jul-2013
No solid evidence of commercial substance in loans to three entities which then passed money to SJI (Sinocom's parent). "SJI might have been experiencing cash SJI had just made repayments to Haitong" (which financed the takeover of Sinocom). Findings "suggested that Mr Li Jian was the "initiator" of the loan schemes" instructing Mr Ngan Leo. Kroll "recovered deleted files" from Ngan's PC, the timing and contents suggested deliberate concealment. COMMENT: the SFC should be investigating this. It appears that Sincom's cash pile was being raided to repay the cost of its own takeover by SJI.

Sign up for our free newsletter

Recommend Webb-site to a friend

Copyright & disclaimer, Privacy policy

Back to top