Mr Choi and Mr Stone added that they have"gathered from a reliable source" that the sellers of the shares, WHLK, had, prior to the sale, rejected an offer of 50 cents and 42 cents. The shares were eventually sold at 17 cents per share.
They alleged that Mr Wang Zhi appeared to warn the existing board members to lend active support to his agenda, failing which he would not vote for their reappointments. "However, Mr Wang has dismissed such inquiries as having a 'negative impact on the company's operation if this continues' and said such inquiries were 'false allegations'. A person with such arrogance towards the regulators and ... a total disregard of minorities' interests cannot be 'a fit and proper person' to be the deputy chairman and a director of a public-listed company," they said.
Source: News Formal (newsformal.com)
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