Youbisheng Green Paper reports that its CEO Haiming Huang is missing and launches investigation into his whereabouts, seeks new member of management board; company CFO David Tsui resigns after not being allowed access to company's premises in China
July 4, 2014
– Dissemination of an Ad hoc announcement according to Â§ 15 WpHG, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement.
For several weeks there has been an unexplained absence of the Chairman of the Management Board and CEO of Youbisheng Green Paper AG, Mr Haiming Huang. The Supervisory Board was informed about the absence of the CEO on June 20, 2014. Also, Mr David Tsui, member of the Management Board and CFO, was not allowed to access the company premises in China by the company operating staff for reviewing the company's accounts. Until today, the Supervisory Board and David Tsui have not received any updated information on the whereabouts of Mr Huang as well as on the financial and liquidity situation of the Chinese subsidiaries despite intense investigations. As a result, David Tsui has resigned from his position as member of the Management Board in mutual agreement with the Supervisory Board effective as of July 25, 2014.
Due to these circumstances the Supervisory Board of Youbisheng Green Paper AG has decided at today's meeting to look for and appoint a new member of the Management Board in order to intensify investigations about the whereabouts of Mr Huang and to secure the observance of operational and legal duties of the company. The Management Board and the Supervisory Board will inform the investors immediately when new progress can be reported.
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