Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

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For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
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  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

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Millennium & Copthor (MLC)

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Monday 12 April, 2010

Millennium & Copthor

Statement Concerning Chinese

RNS Number : 0183K
Millennium & Copthorne Hotels PLC
12 April 2010
 



For Immediate Release                                                                                                                       12 April 2010

Millennium & Copthorne Hotels plc ("M&C")

Statement concerning Chinese Joint Venture

The following announcement was released earlier today by M&C's subsidiary, Millennium & Copthorne Hotels New Zealand Limited ("MCHNZ"), which is listed on the New Zealand Stock Exchange. M&C has a 70.2% interest in MCHNZ. M&C's effective interest in First Sponsor Capital Limited ("FSCL") is 39.8%.

 

Based on the unaudited management accounts of the FSCL Group as at 28 February 2010, FSCL's carrying value of the net assets of and a loan to the Hainan Hotel Owning Company and the Dongguan Owning Company (both of which are defined in the MCHNZ announcement) is US$47.8 million.  M & C's effective interest is US$ 19.0 million or £12.7 million.

M&C's management is taking all possible action to protect the group's interests in those assets.

Enquiries:

Buchanan Communications                                                                    Tel:       +44 (0) 20 7466 5000

Charles Ryland/Nicola Cronk      

 

Millennium & Copthorne Hotels plc                                                          Tel:       +44 (0) 20 7872 2444

Beng-Lan Low, SVP Finance / Adrian Bushnell, Company Secretary                                 

 

 

Millennium & Copthorne Hotels New Zealand Limited (NZX:MCK) issues the following statement with regard to its interest in its Chinese Joint Venture:

MCK wishes to report that its Chinese joint venture, held through its 34% interest in First Sponsor Capital Limited ("FSCL") (which in turn owns a 75% interest in Idea Valley Investment Holdings Ltd ("IVIHL")), has encountered certain difficulties arising from the actions initiated by one of FSCL's Chinese joint venture partners (a company controlled by Mr Cheung Ping Kwong ("Cheung") which owns a 20% interest in IVIHL).  IVIHL in turn owns 100% interest in Idea Valley Group Limited ("IVGL") which is involved with property related businesses in Guangdong and Hainan, China.  Cheung was the founder of IVGL.

Under a joint venture agreement dated 27 September 2007 ("JVA"), Cheung was granted management rights over IVGL and its subsidiaries ("IVGL Group").  Owing to Cheung's failure to meet the conditions in the JVA, Cheung ceased to be entitled to exercise such management rights over IVGL Group.  Principally for this reason and Cheung's management conduct, the IVGL board resolved on 20 November 2009 that (a) Cheung cease to be the Chief Executive Officer ("CEO") of IVGL; and (b) the company seals of IVGL Group and two of its related companies (collectively, the "i-vale Entities") be placed under the control of IVGL's Chief Financial Officer ("CFO") (an appointee of FSCL).

Cheung refused to comply with the 20 November 2009 IVGL board resolutions, and accordingly, the IVGL directors and management (at a meeting on 26 November 2009) confirmed the appointment of IVGL's new interim CEO who, together with his management team, would take over IVGL's daily operations.

In March 2010, Cheung:-

●          through deceit seized unilateral control of the company seals of all the i-vale Entities;

●          terminated the employment of FSCL's various appointees in IVGL (including the IVGL CFO) without appropriate authority; and

●          unlawfully took control of IVGL's office and denied IVIHL its rights to access i-vale Entities' books, accounts, records, bank statements and other information.

As soon as these were discovered, the boards of the relevant i-vale Entities (i) removed Cheung from his appointments as Chairman, director and legal representative (except in the case of three i-vale Entities for which further legal steps are necessary to effect the removal), and (ii) rendered void the seals which had been seized by and were under the control of Cheung.

In China, the affixing of the company seal, together with the legal representative's signature, represents the full authority of the company.  Accordingly, as an added precaution, the i-vale Entities issued press notices in a major newspaper in China, on 30 March 2010 to notify that Cheung had been removed from his various appointments and that the company seals under Cheung's control were void.  By 12 April 2010, the relevant Chinese authorities had registered the new seals for five i-vale Entities (including IVGL) and the change in IVGL's legal representative to an appointee of FSCL was completed.

Notwithstanding these steps to protect IVIHL's interests in the joint venture, on 8 and 9 April 2010, IVIHL learned that Cheung (without any authority from the board of IVGL or the relevant i-vale Entity) procured:-

●          the disposal of IVGL's 100% interest in the i-vale Entity ("Hainan Hotel Owning Company"), which owns the West Coast Resort Hainan Hotel ("Hainan Hotel"), to a party which in August 2008 had commenced litigation in Hainan, China, courts in connection with the Hainan Hotel.  IVIHL learned that Cheung had used unconventional business practices (including intimidation and forceful tactics) to seize the seals and other corporate documents of the Hainan Hotel Owning Company in favour of the purchaser, and that of another i-vale Entity which operates and manages the Hainan Hotel and does not form part of the disposal; and

●          the disposal of IVGL's 80% interest in the i-vale Entity which owns a mixed use development project in Dongguan, China ("Dongguan Owning Company"), to Cheung's close associate.

IVIHL has taken and is continuing to take all necessary measures to protect its interests in the i-vale Entities, including:-

●          completing the relevant filings with the PRC authorities to confirm the removal of Cheung from his various i-vale Entity appointments and the voiding of the seals which are under his control;

●          seeking legal advice on these disposals procured by Cheung (including an assessment of the validity of such transactions);

●          reporting Cheung's unauthorised actions and his apparent scheme to cause loss and damage to the Chinese joint venture to various PRC governmental authorities and bodies with an urgent request for such PRC authorities' assistance and cooperation to prevent loss and damage to IVIHL's interests in the i-vale Entities;

●          preparing a report to be lodged with the PRC police authorities concerning the stolen company seals, as well as the disposals; and

●          replacing the new seals and filing the change in legal representative for the remaining i-vale Entities. This process would typically require the existing seals and corporate documents of these i-vale Entities which however are in Cheung's control. 

IVIHL is dependent on the assistance and cooperation from the various PRC governmental authorities and bodies to prevent loss and damage to IVIHL's interests in the i-vale Entities.

The remaining operations of the IVIHL Group, principally in Sichuan, China and which constituted approximately 38% of FSCL Group's net assets remain under the control of FSCL.

Based on the unaudited management accounts of the FSCL Group as at 28 February 2010, FSCL's carrying value of the net assets of and a loan to the Hainan Hotel Owning Company and the Dongguan Owning Company is US$47.8 million.  MCK's effective interest is approximately US$ 16.3 million or NZ$22.7 million (based on a US$1/ NZ$1.39 exchange rate as at 12 April 2010). 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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