General Announcement::UPDATE ON EVENTS IN 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 EVENTS IN ANHUI DONGYUAN ENVIRONMENTAL PROTECTION CO; LTD
Submitted By (Co./ Ind. Name)
Corp Affairs Mgr
Description (Please provide a detailed description of the event in the box below)
The Board of Directors of China Environment Ltd ( "the Company" ) wishes to update on the Company announcement dated 11 May 2018 in which Singapore Management was compelled to take back Anhui Dongyuan Environmental Protection Co; Ltd ("AHDY") company seals because of their suspicions of rental income misappropriation. A meeting was subsequently arranged between the AHDY PRC management and Singapore management to amicably resolve the issue.
The AHDY PRC management has during the meeting claim that they did not misappropriate any rental monies but would not allow the Company control of AHDY's funds due to pressure from PRC creditor Li Qun Bin in Anhui, China. AHDY allegedly owes Li Qun Bin loan of RMB6,468,000.
The Company is seeking advice on its next course of actions.
The Company will update shareholders if there are any further material developments.
BY ORDER OF THE BOARD
China Environment Ltd.
21 June 2018