General Announcement::UPDATE ON ANHUI DONGYUAN ENVIRONMENTAL PROTECTION CO; LTD
Issuer & Securities
CHINA ENVIRONMENT LTD.
CHINA ENVIRONMENT LTD. - SG1Y42946521 - 5OU
Date &Time of Broadcast
Announcement Sub Title
UPDATE ON ANHUI DONGYUAN ENVIRONMENTAL PROTECTION CO; LTD
Submitted By (Co./ Ind. Name)
Corporate Affairs Manager
Description (Please provide a detailed description of the event in the box below)
The Board of Directors (the "Board" ) of China Environment Ltd. (the "Company") refers to the Company's announcement dated 21 June 2018. The Company wishes to update on the situation in Anhui Dongyuan Environmental Protection Co; Ltd ("AHDY").
The Company's management has spoken with Lin Qun Bin ("Lin") on the alleged working capital loan of RMB6,468,000 due to Lin, which the AHDY management has shared supporting documents on. Lin claims he has yet to be paid any monies by the AHDY management. The Company's Legal Representative for AHDY has given Lin; who is based in Anhui, an authorisation letter to act on behalf of the Legal Representative in removing current AHDY management and taking over management of AHDY..
The preliminary scope of deliverables that Lin will undertake are:
i) Ascertain rental income for AHDY property in calendar year 2018
ii) Collection of rental income at AHDY Property
As the Company do not have anyone to undertake the above work in Anhui and is unable to access the rental proceeds, the Management has authorised Lin to undertake the above tasks. As the AHDY ex-management are not forthcoming on how much of the rental has been collected, the rental monies collected is still being investigated by Lin.
Lin has ascertained that the rental agreements still in duration amount to RMB265,000 per month, of which RMB115,000 per month has to paid as operating related expenditure.
The AHDY Legal representative and Lin has agreed that the net rental income sharing will be apportioned in RMB50,000 per month to the Company and RMB100,000 per month to Lin.
The Company will update the shareholders as and when there are further material developments.