|Description (Please provide a detailed description of the event in the box below)||The Board of Directors ( Board ) of China Environment Ltd (the "Company" and, together with its subsidiaries, the Group ) refers to the Company s announcement on 28 September 2016 in relation to the Writ of Summons (the Writ ) issued against its former Executive Chairman Huang Min and his family for the purported non-existent receivables announced on 21 September 2016. |
The Board wishes to announce that pursuant to the hearing by the High Court of the Republic of Singapore (the Court ) on 19 October 2016, the following undertakings were recorded in the Order of Court in respect of the Application:
1. Huang Lu ( Eldest daughter of the former Executive Chairman Huang Min) undertakes to pay to Rajah & Tann LLP (as stakeholders, pending further order from the court) S$2.2 million (less escrow agents and legal fees, estimated at no more than S$100,000) which she will receive on 20 October 2016 from the sale of her shares in China Star Food Group Limited.
2. Huang Lu further undertakes to the Court that she will not deal with or dispose of the sum of approximately RMB 6 million being the balance of the first tranche of the sale proceeds aforesaid which she will receive in the PRC on 20th October 2016, pending further order from the court.
3. The former Executive Chairman Huang Min and Huang Wen ( 2nd daughter of the former Executive Chairman Huang Min) undertake to the court that they will not do anything which will prevent or otherwise interfere with Huang Lu s compliance with the undertakings above.
The Pre-Trial Conference for the case has been fixed for 25 November 2016
The Company will keep the shareholders informed on any material development