Welcome to our dedicated page for China High Speed news (Ticker: CHSTY), a resource for investors and traders seeking the latest updates and insights on China High Speed stock.
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China High Speed Transmission Equipment Group has initiated legal proceedings in Hong Kong's High Court against multiple defendants, including former Executive Director Fang Jian and Fullshare Holdings , for the alleged misappropriation of RMB 6.64 billion from its subsidiaries.
The legal action stems from uncollected receivables and pre-payments under certain commodity trading agreements. The company discovered that Fullshare personnel were improperly involved in decision-making and management of trading business, with financial records found at Fullshare's premises. Criminal investigations have been initiated in the PRC regarding suspected embezzlement.
The company has formed an Independent Investigation Committee, with a preliminary report expected by mid-May. Interim remedial measures implemented include enhanced oversight of trading operations, improved cash flow controls, and strengthened corporate governance.
