NEWS RELEASE
November 17, 1999
Wing Lee International Holdings Limited,
formerly known as Wing Lee World Transport Holdings Limited (the "Company")
and
Chow Wing Kee
Ha Kee Choy, Eugene
Ho Kam Cheung
Li Yangyang
Chau Cheuk Wah
Or Yiu Wah, Anson,
who were on the Board of Directors of the Company at
the Relevant Time (as defined below)
(collectively, the "Relevant Parties")
| The Stock Exchange of Hong Kong hereby publicly criticises the Company for breaches of the Exchange Listing Rules and each of the Relevant Parties for breaches of the Declaration and Undertaking with regard to Directors (Form B) (the "Undertaking") given by them to the Exchange in the form set out in Appendix 5B to the Exchange Listing Rules. |
At a disciplinary hearing held on June 29, 1999 and subsequently at a disciplinary (review) hearing held on October 26, 1999, the Listing Committee of the Exchange conducted a hearing against the Relevant Parties and a review hearing against Mr. Chau Cheuk Wah to consider matters in connection with the conduct of the Company and the Relevant Parties in respect of the failure by the Company to inform its shareholders as soon as reasonably practicable of the write-back of a tax provision amounting to approximately HK$12.4 million and a decrease in profit margin due to a substantial increase in transshipment costs of approximately HK$15 million for the financial year ended March 31, 1998, which information was necessary to enable the shareholders and the public to appraise the position of the Company and its subsidiaries.
The Listing Committee concluded that the Company failed to keep the Exchange and the Company's shareholders informed of the above matters as soon as reasonably practicable upon the Company becoming aware of such matters (the "Relevant Time").
Therefore, the Company was in breach of Paragraph 2 of the Listing Agreement.
Further, the Listing Committee found that, by virtue of such breaches of the Listing Agreement by the Company, each of the Relevant Parties was in breach of his Undertaking, whereby each of them undertook to use his best endeavours to procure that the Company would comply with the Exchange Listing Rules from time to time in force.
Accordingly, the Company and each of the Relevant Parties are hereby publicly criticised by the Listing Committee for the above breaches.
Mr. Li Yiu Pan was a member of the Board of Directors of the Company at the Relevant Time. However, as Mr. Li could not be located for service of the documents relating to the disciplinary hearing, the findings of the Listing Committee do not extend to Mr. Li. The Exchange reserves its right to consider the position of Mr. Li as and when he can be located and served with the relevant documents concerning the disciplinary proceedings.
Corporate Communications Department
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