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Real Gold: breach of Listing Rules - loans of HK$955m and acquisitions from controlling shareholder
Company announcement, 22-Aug-2011
This story just gets better and better. In 2011 Q1, the company advanced HK$449.2m to controlling shareholder Wu Ruilin for $520m purported acquisitions of Mongolian phosphorous mines which have not yet completed, and in Feb-Apr-2011, it lent Mr Wu $955m, of which $316m was outstanding at 30-Jun. No wonder Mr Wan, the newly-appointed INED, has quit - he must have been horrified.
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