Straits Law Practice LLC at the forefront of Sino Env Saga
Date
09 December 2009Legal Updates
Straits Law Practice LLC at the forefront of Sino Env Saga
Lawyers:
Mr N Sreenivasan and Ms Valerie Ang of Straits Law Practice LLC acted for the 2 independent directors of Sino-Enviironment Technology Group (Sino-Env), Mr Goh Chee Wee and Mr Wong Chiang Yin.
Case summary:
Sino-Env is a public listed company specializing in environmental protection and waste recovery in China and a market leader in the treatment and recovery of volatile organic compounds from waste gas.
In December 2009, PricewaterhouseCoopers published an audit which found that about $85 million worth of transaction were made without necessary board approval and authorisation.
Hence, the two abovenamed independent directors through their lawyers Mr N Sreenivasan and Ms Valerie Ang sought a High Court order, to force the hands of the executive directors of Sino-Env, Mr Sun Jiangrong (CEO), Mr You Shengquan (COO) and Prof Li Shouxin (Chief Technical Officer) to convene an extraordinary general meeting to remove the 3 executive directors.
The High Court granted the application on 17 December 2009. This is believed to be the first public listed firm to be ordered to hold an EGM by the court.
