12/06/2019 08:53:00

Result of AGM and update on legal proceedings

Walcom Group Ltd - Result of AGM and update on legal proceedings

PR Newswire

12 June 2019

WALCOM GROUP LIMITED

(“Walcom” or “the Company”)

Result of Annual General Meeting

Update on legal proceedings

Walcom is pleased to announce that, at its annual general meeting held earlier today, all resolutions were duly passed.

The Company also provides an update in relation to the Company’s ongoing legal proceedings against the Group’s largest customer in China (the “Customer”) which has defaulted on paying large overdue trade receivables owed to the Company.  The payment default by the Customer was the subject of a court case heard by the Shanghai Pudong New Area People's Court, with the judgement from this court case dated 5 June 2019 being received by the Company on 10 June 2019.  Based on documentary evidence presented to the court during the hearing, the court affirmed the Company’s claim against the Customer for the outstanding debt of RMB 4.76 million (plus interest on overdue receivables of RMB 196,000) and has ordered the Customer to fully settle the outstanding debt plus interest within 10 days of the date of judgement.  The Customer has the right to appeal the court judgement.  Should it wish to do so, the Customer is required to submit an appeal to the Shanghai First Intermediate People's Court within 15 days of receipt of the original judgement date.

Despite the court ruling in favour of Walcom in relation to the legal proceedings, it still remains unclear when and how much of the overdue receivables can be recovered. 

Further announcements will be made in due course if there are any material developments with the legal proceedings or if any payment is received by the Company in relation to the outstanding debt.

Further enquiries:

Walcom Group Limited

Francis Chi (Chief Executive Officer)

Albert Wong (Chief Financial Officer)

+852 2494 0133

Allenby Capital Limited

David Hart / Asha Chotai

+44 20 3328 5656

Del

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
18 Aug
VELO
Da flere skribenter stadig gerne vil beholde tråden for samling af de mange vigtige informationer o..
44
15 Aug
VELO
Det kunne tyde på at nogen mor modtaget receptal, der udviser netop det vi har talt om - at Envarsus..
37
19 Aug
OMXC25
Endnu en dansk patriark er død. Ære være hans minde.
28
18 Aug
 
Da Berlingske Media for cirka 1 år siden overtog Euroinvestor for 23 mio kr, meddelte de, at nu skul..
22
18 Aug
VELO
Fra anden skribent i Veloxis FB gruppen: Børsen side 4, søndag den 18. august. Et uddrag fra e..
20
20 Aug
VELO
Ny artikel på Medwatch:   15,5 pct. af amerikanske patienter, der får en nyretransplantation i dag, ..
19
20 Aug
PNDORA
  har du læst regnskabet - de forventer at tjene 4 mia i 2019 i forhold til en værdi af selskabet på..
17
19 Aug
OMXC25
En fantastisk dygtig og sympatisk erhvervsmand.  Og en ægte patriot som også betalte sin skat med gl..
17
16 Aug
I:NDX
17
14 Aug
TEVA
Ja, TEVA er jo bare en dårlig historie at købe ind i. I Danmark er aktien (som alle jo ved) primært ..
16

#

EuroInvestor: In Focus
#

#

EuroInvestor: In Focus
#

#

EuroInvestor: In Focus
#

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
Industry Welcomes Second-Generation Low Emission Methanol-Fuelled Vessels
2
CADE INVESTIGATION UPDATE: Hagens Berman Reminds Cadence Bancorp. (CADE) Investors of Ongoing Investigation
3
GDOT INVESTOR ALERT: Hagens Berman Investigating Possible Disclosure Violations by Green Dot Corporation (GDOT), Encourages Investors Who Lost $50,000+ to Contact the Firm
4
CARB Investor Alert: Hagens Berman Reminds Carbonite, Inc. (CARB) Investors of September 30, 2019 Lead Plaintiff Deadline
5
True Nature Holding Announces A Private Offering Under Rule 506(C) Of Its New Series A, 10% Cumulative Redeemable Perpetual Preferred Stock Offering

Latest news


Copyright Berlingske Media 2019  Cookie- and Privacy policy  |  Cookies  |   General terms of trade  |   Terms of use and IP rights
Quote information is delivered by Morningstar.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
21 August 2019 11:01:47
(UTC+00:00) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20190819.1 - EUROWEB3 - 2019-08-21 12:01:47 - 2019-08-21 11:01:47 - 1000 - Website: OKAY