Request by China Environment to push back AGM rejected

The accountancy regulator has rejected a request from mainboard-listed China Environment to extend the deadline to hold its annual general meeting (AGM) to June 30.

On Feb 22, the Accounting and Corporate Regulatory Authority (Acra) had granted the firm a final extension to hold the AGM by April 30 and to restate and re-audit its 2013 and 2014 financial statements and produce statements for 2015 and 2016. But the firm wanted another extension to produce the statements and to push back the deadline to hold its AGMs for the 2015 and 2016 financial years.

It said in an exchange filing yesterday that the requirement to restate and refile its 2013 and 2014 financial statements means its audited statements for 2015 and 2016 will be deferred.

On Aug 21, 2015, Acra issued a warning letter to directors Huang Min and Wu Jida, who were responsible for the financial management. This was followed by an advisory letter regarding the group's 2013 audited financial statements.

It was previously reported that the firm had ceased business operations at its China subsidiaries. Enforcement orders have been taken out against the subsidiaries, including eight totalling 151 million yuan ($32 million). But as they are limited liability entities, the company does not intend to pay off the civil suit liabilities as its long-term plan is to either liquidate or dispose of the subsidiaries, it had said.

The counter remains suspended and last traded at 3.7 cents on June 23, 2016.

A version of this article appeared in the print edition of The Straits Times on May 19, 2018, with the headline 'Request by China Environment to push back AGM rejected'. Print Edition | Subscribe