Non Strategic
The recent Federal Court judgment approving ASIC's application to wind up the ASX-listed China play, Sino Strategic, provided some pretty decent reasons to wind up the group, which has been suspended from trading for five years.
According to the judgment, the corporate pup was a little concerned by the fact that its only Aussie resident director, Xi Sun, resigned in September last year but failed to lodge the appropriate notice.
The company secretary, George Yatzis, had resigned earlier last year "because he was unable to contact any of the directors" in China.
This changed in June this year when board member, Ming Tang, sent Yatzis an email requesting the disposal of $111,000 from its Commonwealth Bank account, $100,000 of this was to be sent off shore.
This would have left the company with no local office, no local business or employees, $4000 in the bank and around $80,000 in liabilities in Australia.
ASIC's submission said that "while there may be an innocent explanation [for this attempt to get control of the last asset of the defendant in Australia] this is of concern.
No detail was given of the gaming operation in Hong Kong that is the company's only remaining business.
CBD doubts its former chairman, pubs and pokies billionaire Bruce Mathieson, will be able to enlighten the receivers. He bailed in 2001 when it was fossicking in the dotcom sector.
Read more:
http://www.smh.com.au/business/cbd/...brick-road-20150731-giotix.html#ixzz3hinPEBw1
