Yet more trouble.
Item 8.01 Other Events
Effective April 3, 2018, Asia Properties Inc., (“the Company”) a Nevada Corporation, by and through its attorney Brandon L. Phillips, of Brandon L. Phillips, Attorney at Law, PLLC, has filed a lawsuit against, Fan Haoran, a former officer of the Company and Asia Innovation Technology Limited (“AITL”), a Chinese company, and others.
As reported via a Form 8-K filed January 6, 2015, the Company entered into an agreement with Fan Haoran and AITL, (the “Agreement”) whereby the Company agreed to issue and provide to Defendant AITL 950 million shares, valued at two dollars ($2.00) per share in United States currency for a total value of $1.9 billion, in exchange for one hundred percent (100%) of AITL’s issued and outstanding shares, together with all AITL assets.
Pursuant to the Agreement, the Company placed stock certificates representing 950 million common shares of the Company in an escrow account which were to remain in escrow until the closing of the Agreement.
AITL took no steps to consummate the Agreement. Shareholders of the company and former officers subsequently learned that AITL and its officers and others distributed and sold some of the shares of the Company that had been deposited in escrow. Additionally AITL failed to fully perform under the agreement by failing to obtain an audit by a PCAOB auditor, failing to deliver the agreed upon shares in AITL, and by obtaining and selling shares of the Company which had been placed in the escrow account. These shares were removed from escrow and distributed or sold without the Company’s knowledge or consent,.
As a direct result of AITL’s breaches, the Company is claiming damages in excess of one million dollars ($1,000,000.00). In addition to damages and legal fees, the Company is seeking the cancellation of all, 950 million shares specified in the Agreement.
You can lead a horse to water. But you can't make him get down on one knee and do an Al Jolson impression!
