Update re Suspension (4174Z)
15 Marzo 2012 - 12:00PM
UK Regulatory
TIDMYGH
RNS Number : 4174Z
Yinggao Holdings PLC
15 March 2012
Yinggao Holdings plc
("Yinggao" or the "Company")
Update re Suspension
Further to its announcement of 10 February 2012, the Company can
update the market on the investigation by the Hong Kong Customs and
Excise Department and the customs authorities in China. The Company
previously announced that it believes the investigation is the
result of suspected violations of import and export regulations by
certain customers of the Company, but no details have been given by
the investigating authorities.
Subsequently, it has come to light that a number of the
Company's crewmen were detained by the authorities in China as part
of the investigation, some of whom have subsequently been released
under bail conditions. All of the Company's vessels have also been
detained. Ms Angela Leung, the Company's Executive Chairman, has
also been detained by the authorities in China, although she has
not been charged with any offence.
Many of the Company's documents, as well as their computers and
servers, were also taken away by the authorities, although some of
these are slowly being returned. Due to the continuing retention of
documents, the Company is uncertain as to whether it will be able
to publish its annual report and accounts for the financial year
ended 31 December 2011 and hold its annual general meeting before
30 June 2012.
The effect of the investigation is likely to have an adverse
effect on trading in the current year.
A further update will be given to the market in due course.
Enquiries:
Paul Shackleton Tel: +44 (0) 20 7776 6550
Daniel Stewart & Company Plc
www.danielstewart.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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