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Hong Kong Stock Exchange Criticizes Panda Electronics
August 13, 2007 |
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| Category: Gadgets & Electronics
According to Panda Electronics, Hong Kong Joint Stock Exchange has condemned the current and previous directors of Panda Mobile, including Panda Group's president Li Anjian, for Panda Electronics' offering of huge loans to Jiangsu Tianchuang, a former shareholder of Panda Mobile.
Panda Electronics said that HKJSE criticized the management of Panda Electronics because the latter did not disclose its relation with the series of happenings at Panda Mobile, including its offering of loans to Jiangsu Tianchuang and Panda Mobile. As part of the punishment, HKJSE asked the three top management of Panda Group to attend a 20-hour enterprise management course provided by The Hong Kong Institute of Directors or other institutions recognized by HKJSE.
Panda Electronics had previously announced that Ma Zhiping, general manager of Jiangsu Tianchuang and a director of Panda Mobile, owed a total of CNY1.44 billion to Panda Electronics, but by that time,
Ma's mobile business already went bankrupt.
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