China Sky sues director Zheng Kai Su in High Court

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Troubled S-chip China Sky Chemical Fibre has filed a lawsuit in Singapore's High Court against Zheng Kai Su on Oct 24 for what it claimed was "fraudulent and/or unauthorised use of the group's funds and the fraudulent and/or unauthorised use of the group's assets as collateral for securing loans", it said in a Singapore Exchange filing on Tuesday evening.

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Guanyu said…
China Sky sues director Zheng Kai Su in High Court

Melissa Tan
25 October 2016

Troubled S-chip China Sky Chemical Fibre has filed a lawsuit in Singapore's High Court against Zheng Kai Su on Oct 24 for what it claimed was "fraudulent and/or unauthorised use of the group's funds and the fraudulent and/or unauthorised use of the group's assets as collateral for securing loans", it said in a Singapore Exchange filing on Tuesday evening.

The loans amounted to about 1.07 billion yuan (S$219.6 million), it said, adding that it has also lodged a report with the Commercial Affairs Department against Mr Zheng on Oct 24.

It said that it would take "other actions", including filing a police report in China against Mr Zheng, in due course. It did not specify Mr Zheng's relationship to the company in its filing.

Mr Zheng became a non-executive director at the firm in September 2015, according to its annual report for financial year 2015.
October 25, 2016 at 7:48 PM
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