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GEOTECH HLDGS/ KHOON GROUP Clarify Biz Operations Not Involved in US & UK Sanctions
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GEOTECH HLDGS (01707.HK) and KHOON GROUP (00924.HK) issued separate announcements noting unusual share price and trading volume movements yesterday (15th). They noted that their controlling shareholder, Chen Zhi, and the companies have recently been subject to certain sanctions imposed by government authorities in the US. On the same day, Chen was also added to the UK Sanctions List by the Foreign, Commonwealth and Development Office of the UK and subject to an asset freeze. GEOTECH HLDGS stated that all material assets and operations of the group are located in Hong Kong, and majority customers and suppliers are not located in the US. None of the company nor its subsidiaries, or their respective directors and members of the senior management are involved in the alleged activities which led to the sanctions and Chen is no longer a staff of the group and has no role in the group. It preliminary expected that the sanctions do not have any material adverse impact on the business operations of the group. KHOON GROUP said that it principally operates in Singapore, and does not have any business operations or own any assets or property in the US or UK. None of the directors and members of the senior management are involved in the alleged activities which led to the sanctions. Therefore, it preliminary expected that the sanctions do not have any material adverse impact on business operations. AASTOCKS Financial News Website: www.aastocks.com |
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