Asia
Xingyuan Environment Technology Gets Sued for Alleged Unapproved Fund Transfer
Xingyuan Environment Technology (SHE:300266) faces a 16.7 million yuan lawsuit from shareholder Qian Fengxue, who alleges the company transferred 14.8 million yuan from subsidiary Xingyuan Energy Saving into its own account without board or shareholder consent.The case, filed in the Hangzhou Linping District Court, remains in first instance and has not yet been heard, according to a Tuesday filing with the Shenzhen bourse.Qian also seeks 100,000 yuan in legal fees.Shares of the environmental protection equipment company closed 2% higher Wednesday.
SHE:300266
