VOLUME  IX  No. 116 F R I D A Y June 22, 2007





 

BAKER  GROUP  INTERNATIONAL  HOLDINGS  LTD:
LIQUIDATOR  WANTS  TO  RECOVER  SOME
 OF  THAT  $HK24  MILLION 

TARGET’s  Report  Of  April  11,  2001,  Bears  Fruit


Baker Group International Holdings Ltd (倍可集團國際控股有限公司), formerly known as Luen Cheong Tai International Holdings Ltd (聯昌泰國控股有限公司), which is in Compulsory Liquidation, has launched an Action in the High Court of the Hongkong Special Administrative Region (HKSAR) of the People’s Republic of China (PRC), making claims of breaches of trust and breaches of fiduciary duties against 11 Defendants, 2 of which are publicly listed companies. 

The substance of the Action confirms, after 6 years, that which TARGET (泰達財經) wrote, on April 11, 2001, in TARGET Intelligence Report, Volume III, Number 68 (Please see the final pages of this report in respect of this medium’s investigations of this company).  

HKSAR High Court Action, Number 1270, is between:

Baker Group International Holdings Ltd
(In Compulsory Liquidation) 		 First Plaintiff
Luen Cheong Tai Engineering Ltd  Second Plaintiff
Luen Cheong Tai Construction Company Ltd
(聯昌泰建築有限公司) (In Compulsory Liquidation)		 Third Plaintiff
Finestyle Maritime Services Ltd
(In Voluntary Liquidation)		 Fourth Plaintiff
And
Upbest Securities Company Ltd (美建證券有限公司)1 First Defendant
International Taxation Advisory Services Ltd  Second Defendant
Corporate Advisory Services Ltd  Third Defendant
Mr David Wong Wai Kwong (黃偉光)2 Fourth Defendant
IT Global Fund LLC Fifth Defendant
Jetpower Finance Ltd3 Sixth Defendant
Super Zone Traders Incorporated Seventh Defendant
Mr Ma Jia Qi* Eighth Defendant
Mr Sheng Hui* Ninth Defendant
Mr Chan Man Chuen (陳文川) (a bankrupt)4 Tenth Defendant
Mr Vong Pak Cheong (黃伯祥),
alias Mr Wong Pak Cheung5		 Eleventh Defendant

Notes:
  1. Upbest Securities Company Ltd is a wholly owned subsidiary of publicly Upbest Group Ltd (美建集團有限公司) (Code: 335, Main Board, The Stock Exchange of Hongkong Ltd.
  2. Mr David Wong Wai Kwong is an Executive Director of publicly listed Incutech Investment Ltd (Code: 356, Main Board, The Stock Exchange of Hongkong Ltd). He, also, is an Independent Non-Executive Director of Upbest Group Ltd. He was a Director of International Taxation Advisory Services Ltd, as at July 2004.
  3. Jetpower Finance Ltd was 10 percent owned by Incutech Investments Ltd, as at December 31, 2005.
  4. Mr Chan Man Chuen was the Chairman and an Executive Director of the First Plaintiff, as at May 2001, and he held about 13.58 percent of the Issued and Fully Paid-Up Share Capital of that company, at that time.
  5. Mr Vong Pak Cheong, alias Mr Wong Pak Cheong, was the Managing Director of the First Plaintiff, as at May 2001, and he, legally, owned about 13.58 percent of the Issued and Fully Paid-Up Share Capital of that company.        

*    The last known addresses of Messrs Ma Jia Qi and Sheng Hui are both in Suriname, Dutch Guiana.

The allegations, made by Baker Group and the other 3 Plaintiffs, relate to the issuance of purported Convertible Notes with the aggregate face value of $HK24-million. 

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