Hong Kong media: Next media "a basket of bastards", the examiner entered the building today with a warrant to collect evidence
[Global Net Report] Hong Kong’s “East Net” reported that Hong Kong chaos and the founder of One Media, Li Zhiying, was sentenced to 20 months in prison for 3 illegal assembly cases. He is still serving his sentence, but there is still a mess that needs to be dealt with, including Next Media. Suspected of unfairly harming the interests of shareholders and creditors, Chen Jinrong, the former president of the Institute of Accountants, who was responsible for related investigations, has applied to the court and obtained a search warrant. He entered the Next Media Building today (28th) to collect evidence and continue the investigation.
According to the report, the Financial Secretary Chen Maobo appointed Chen Jinrong as an examiner in accordance with the Companies Ordinance on July 28 this year to investigate Next Media’s business, including 8 types of issues suspected of unfairly harming the interests of shareholders and creditors, and required 6 examiners. Submit the report within the month.
However, as all members of the board of directors of Next Media have resigned on the 5th of this month, the examiner failed to obtain relevant information useful for the investigation in a timely manner during the investigation process, which increased the difficulty of the investigation.
Chen Maobo said earlier that Next Media was involved in illegal activities and a number of fraudulent and improper conduct. Several cases are worthy of attention, including its announcement that the company has sufficient liquidity and sufficient for 18 months of operation. However, the Security Bureau has frozen HK$18 million for less than a week. , Next Media announced the termination of its subsidiary business.
Chen Maobo said that Next Media had failed to announce its annual results and disclosed for the first time that it had repaid a HK$150 million loan to major shareholders. However, the loan itself did not expire for a long time and may deceive creditors. The company's location is also suspected of committing fraud.
Regarding the investigator’s affairs, Chen Maobo said that it is necessary to investigate whether it has unfairly harmed the interests of members and whether creditors and senior personnel have personal interests in handling company affairs that have caused public shareholders to suffer losses, whether the company has been involved in improper conduct, and whether there has been full, adequate and immediate disclosure. , Whether there is failure to perform the responsibility or negligence, whether the repayment of the former chairman of Next Media is true, whether the governance of the listed company is healthy, whether the government's application for disqualification of company directors is in the public interest, etc., and the examiner is required to submit a report within 6 months For consideration by the SAR government.