Naibu Global International Co PLC Update (7388L)

TIDMNBU

RNS Number : 7388L

Naibu Global International Co PLC

29 April 2015

 
 Press Release   29 April 2015

Naibu Global International Company Plc

("Naibu", the "Company" or the "Group")

Update

Further to the announcement made on 18 February 2015, the non-executive Directors of Naibu have been unable to obtain the co-operation of Huoyan Lin, the Executive Chairman of Naibu, to progress the appointment of KPMG to review the financial position of the Group. They have therefore appointed Fangda Partners, a leading Chinese law firm, to initiate legal action to gain control of the Chinese operating subsidiary of the Group and the associated bank accounts.

To cover the initial costs of this action, the non-executive Directors, on behalf of the Company, have raised loans from a number of shareholders.

The non-executive Directors are aware of the press reports that Huoyan Lin has been imprisoned since November 2014. They believe these to be untrue and confirm that they have had a number of telephone conversations and email exchanges with Mr Lin during this period. He has, however, refused to cooperate with the non-executive Directors. Accordingly, the non-executive Directors have terminated the employment contracts of Huoyan Lin, executive Chairman and Congdeng Lin, Vice President of Production, although they remain as statutory directors of the Company for the time being.

The Company's shares will remain suspended. Further announcements will be made as the legal work progresses.

- Ends -

Apart from the above, there is no further information available at the current time.

 
 Naibu Global International 
  Company Plc 
 Giles Elliott, Non-Executive    Tel: +44 (0) 
  Deputy Chairman                20 7776 6550 
 
 
 ZAI Corporate Finance Limited    Tel: +44 (0) 
                                  20 7060 2220 
 
 Daniel Stewart & Company         Tel: +44 (0) 
                                  20 7776 6550

This information is provided by RNS

The company news service from the London Stock Exchange

END

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