Further Update on Litigation

RNS Number : 7710X

UniVision Engineering Ltd

10 December 2010

 



10 December 2010

 UniVision Engineering Limited

("UniVision" or the "Group")

Further update on litigation

UniVision, the AIM listed Hong Kong based designer and installer of digital surveillance and integrated security systems, today provides an update on the litigation proceedings with Mr June Kam Ming Ip ("Mr Ip"), a former director and legal representative of Leader Smart Engineering (Shanghai) Limited ("Leader Smart Shanghai"), the Group's wholly owned subsidiary in the People's Republic of China ("PRC"). This is further to the announcement released by the Group on 16 July 2010, the update on the litigation provided by the Group at the time of its full year results announced on 9 September 2010 and the further update provided on 12 October 2010.

Leader Smart Shanghai have applied for and successfully obtained all of Leader Smart Shanghai's  chops*, business licences and the legal representative's chop back from Mr Ip through the local authorities in Shanghai.  As a result the legal representative of Leader Smart Shanghai has now been changed with immediate effect from Mr Ip to Stephen Koo, Chairman of UniVision. The only documents waiting to be returned to the Group in respect of the litigation proceedings are the accounting records of Leader Smart Shanghai.  UniVision's legal attorney has issued a final notice to Mr Ip and the former finance manager of Leader Smart for the surrender of these accounting records to the Group. The due date for return of the accounting records has expired and as a result the Company has commenced legal action.

The Group will be announcing its interim results for the six months to 30 September 2010 by 31 December 2010.  UniVision will not however be in a position to re-consolidate the accounts of Leader Smart Shanghai into the Group's interim results. This is as a result of the accounting records for Leader Smart Shanghai having not been returned to the Group at this stage. The Board are confident of being in a position to be able to re-consolidate Leader Smart Shanghai's accounts into the Group's annual accounts for the 12 months ended 31 March 2011.

The Group will provide a further update on the litigation with Leader Smart Shanghai at the appropriate time.

*In the PRC a "chop" is necessary for approving decisions relating to the operations and management of a company and legally authorising documentation.

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For further information visit www.uvel.com or contact

UniVision Engineering Limited	[phone]
Stephen Koo, Chairman
Chun Hung Wong, CEO
Allenby Capital Limited (Nominated Adviser/Joint Broker)
Nick Athanas/James Reeve	[phone]
SVS Securities plc (Joint Broker)
Ian Callaway/Alex Mattey	[phone]

 

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