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2006-7-25 09:12:00 a.m. HKT, XFNA
Hong Kong-listed Ocean Grand Hldgs appoints provisional liquidators
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HONG KONG (XFN-ASIA) - Ocean Grand Holdings Ltd said it and unit Ocean
Grand Chemicals Holdings Ltd have appointed two officials from Deloitte &
Touche Forensic Services Ltd as provisional liquidators.
Yip Kim Po, chairman of both companies, said in a statement that in the
course of a probe into the group's operating subsidiaries, the group's Hong
Kong management team and Deloitte discovered that the aggregate bank balances
of three units in China amounted to just 38 mln yuan at end March this year
against the 880 mln stated by the financial personnel of the three units.
He identified the three units as Kenlan Fine Chemical (Zhuhai) Technology
Co Ltd, OG Aluminium Co Ltd (Foshan) and Ocean Grand Aluminium Co Ltd
(Foshan).
He said Deloitte has instructed lawyers in China to take up the matter
with the Chinese police.
The statement said the appointment of the liquidators was done to protect
the companies' assets and to safeguard the interests of both creditors and
shareholders.
He said trading of the shares of Ocean Grand Holdings and Ocean Grand
Chemicals will remain suspended until further notice. Trading in the shares
of both companies has been suspended since July 17.
(1 usd = 7.8 hkd)
jun.concepcion@xfn.com
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