The Hong Kong High Court summoned Fullshare (HKG:0607), its Chairman and Chief Executive Officer Ji Changqun, and two other directors for a case of alleged embezzlement and misappropriation of funds filed by China High Speed Transmission Equipment (HKG:0658).
The case stemmed from the outstanding receivables and pre-payments relating to the sale and purchase of certain commodities by China High Speed's subsidiaries at 6.64 billion yuan as of Oct. 31, 2024.
China High Speed is still attempting to get payment for the outstanding amounts, according to a Monday filing by China High Speed with the Hong Kong bourse.
China High Speed alleged Ji and others have been colluding to defraud CHS's subsidiaries and misappropriate the funds, according to a Wednesday filing by Fullshare with the Hong Kong bourse.
Fullshare dismissed the claims as "malicious, without basis and absurd," adding the summons did not detail the claims against Ji and the defendants, according to the filing.
Shares in Fullshare fell 1% during Wednesday's trading.
Price (HKD): $0.43, Change: $-0.030, Percent Change: -6.59%
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