Thursday, November 05, 2009 11:00:16 PM
For the dispute over 41% and 25% ownership of Taibang: "The case is slated to be reviewed again by the Hubei Jingzhou Intermediate Court."
Comment: so, that a big pending lawsuit.
"A notice was issued on July 5, 2004 by the Shenzhen Public Security Bureau Economic Crime Investigation Unit requesting a stay of the Beijing action pending their investigation into money laundering relating to the 20 million RMB loan to Zu Ying Du."
Comment: read "money laundering".
"Dr. Du has alleged that Mr. Lam, the current CEO of our subsidiary Taibang, was formerly known as Lin Zepin and that the individual, Lin Zepin, was court martialed for smuggling in Fujian in 1999. Dr. Du alleges that Lin Zepin was released from prison in 2003. Mr. Lam denies these statements and has provided an affidavit stating that he was never know as Lin Zepin and has not been convicted of any crime. "
Comment: Of course Mr. Lam would deny. But the other party would be foolish to bring this up if they do not have enough evidence.
For me, that is pretty shocking. I move on and am done with this.
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