Huazhong In-Vehicle Holdings Company Limited 華眾車載控股有限公司
Listing Committee censures Huazhong In-Vehicle (6830) and censures or criticises various directors
SEHK, 2-Oct-2015
SEHK, 2-Oct-2015
Huazhong (6830): breach of Listing Rules: undisclosed loans to Chairman
Company announcement, 2-Sep-2013
The loans did not even go the board for approval before they were made. They were unsecured and interest-free, which the Board describes as "normal commercial terms". No bank in China would lend him money on that basis. The company makes a false distinction between "internal resources" and "proceeds from the Listing". Both belong to the company, and the same harm is caused whether money was taken from one pot or the other. The loans have only partially been repaid and meanwhile the rest remains interest-free.
Company announcement, 2-Sep-2013
The loans did not even go the board for approval before they were made. They were unsecured and interest-free, which the Board describes as "normal commercial terms". No bank in China would lend him money on that basis. The company makes a false distinction between "internal resources" and "proceeds from the Listing". Both belong to the company, and the same harm is caused whether money was taken from one pot or the other. The loans have only partially been repaid and meanwhile the rest remains interest-free.
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