The chairman of Hong Kong-listed China For You Group Co Ltd – formerly known as China Packaging Group – is being sued by Singapore casino resort operator Marina Bay Sands Pte Ltd for a SGD3.9 million (US$2.9 million) debt.
The news was given in a filing on Friday by China For You, commenting on possible reasons for a “noted increase in the trading volume of the shares and decrease in the price of the shares of the company”.
The company’s stock was down 27.42 percent in Thursday trading according to Bloomberg data, to HKD0.45 (US$0.058) per unit. By 10.30am on Friday, the stock had fallen a further 10 percent on Thursday’s closing price, to HKD0.41.
The China For You filing added that chairman Chen Huaide was facing action in the Hong Kong’s High Court for recovery of the debt. It added that “a charging order may have been made restraining Mr Chen from transferring certain shares of certain company(ies) on January 7”.
But it added: “Mr Chen confirms that (1) the aforesaid action is his personal matter; (2) the shares of one of his private companies are the subject assets of the said charging order; and (3) the matter can be resolved the soonest.”
The filing did not give any details on the nature of the debt.
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"We warn the cross-border gambling crime suspects to stop their criminal acts, to return to the country, and turn themselves in so that they could still be granted lenient treatment"
Spokesman from China’s Ministry of Foreign Affairs