SINGAPORE - Shanghai Turbo Enterprises said it has regained access to a China factory owned by a key operating subsidiary with the help of the local authorities.
On Wednesday (Sept 20), five people including a Singaporean board member and the subsidiary's chief executive were allegedly assaulted by associates of Mr Liu Ming, the former executive director of the Singapore-listed company.
Two of the men who were purportedly hit with plastic batons by the attackers were Mr Raymond Lim, 67, an independent non-executive director, and Mr Zhang Rong, CEO of its Changzhou 3D Technological Complete Set Equipment subsidiary.
Their injuries included broken bones, the company noted.
Following the assault, the victims made a report to the Chinese police and to the Singapore Consulate- General in Shanghai.
In an update on Thursday (Sept 21), Shanghai Turbo said that the local government and riot police have quickly intervened to eject the group of former employees and their external accomplices from the factory premises.
"The assault incident (was) directly followed by the swift intervention of the local authorities, using riot police to evict the group of trespassers from the factory premises. Local police have arrested several of them," it said in a Singapore Exchange filing.
Shanghai Turbo said the board was pleased to announce that the impasse, which lasted more than five months, has finally ended.
The management of Changzhou 3D is taking stock of the production machinery and inventory, as well as documentary records.
Some 50 employees have also returned to their work stations on Thursday.
The company will make further announcements to update shareholders on any developments after obtaining access to the business and accounting records and when the losses and damage to the group are ascertained, it added.
The kerfuffle on Wednesday arose after Mr Lim and his party of four tried to enter the factory which led to a protracted stand-off between the new management and supporters of the old personnel.
Shanghai Turbo said on Monday that it was suing Mr Liu for "failing to deliver up the factory premises", which it had described in July as facing an "illegal occupation... by some of the former management personnel and their associates".
It also said a Singapore High Court has granted an injunction to freeze Mr Liu's Singapore assets.
Mr Liu, previously group CEO and executive director, was ousted at an April annual general meeting.
Shanghai Turbo announced a "temporary" stop to operations in June, which it said at the time was expected to last "about a month".
It has since said that "significant" losses and damages have been sustained, which are likely to take their toll on the company's performance in the 2017 financial year.