Friday, 14 February 2014

Hong Kong Chairman blackmailed to hand over hundreds of millions of shares

From SCMP:

Businessman 'threatened to throw company chairman to sharks in extortion bid'

"A businessman ganged up with thugs and threatened to take the chairman of a listed company out to the high seas and throw him to the sharks in order to extort millions of shares from him, a court heard yesterday.

Koon Wing-yee, 56, former chairman of the listed Easyknit Group, targeted Hui Chi-ming, then chairman of Sino Union Petroleum and Chemical International, accusing Hui's company of causing him market losses, the Court of First Instance heard.

According to prosecutor Audrey Campbell-Moffat SC, Koon allegedly told Hui in March 2009: "I have lost so much money from your company.

"I want you to give me 100 million shares because I lost money buying your shares."

After Hui surrendered the shares, the gang jacked up the demand to 300 million shares, the court heard."

And the worst part is that these fellows can't be trusted, so it seems:

"Hui later gave in, on condition that the shares would not be sold within three months. But the shares were sold at a much lower price the next day."

Is there no honour anymore amongst thieves? Not in Hong Kong, it seems.

Anyone interested to invest in Easyknit International Holdings Ltd, whose former Chairman allegedly was behind the above?

A long and colourful list of articles regarding Easyknit can be found here on David Webb's site.

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