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Sinocom (0299): board now regards the unapproved loans as connected transactions
Company announcement, 23-Apr-2013
The money was lent by the 92% subsidiary, Sinocom Japan, to 3 entities which then funnelled it through to SJI, Sinocom's controlling shareholder. Two of SJI's directors sit on Sinocom's board and should have known about this all along.
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