Shanghai Industrial Urban Says Former Chairman Surrenders to Hong Kong Authorities on Charges of Fraud

MT Newswires Live

Jul 30

Shanghai Industrial Urban Development Group (HKG:0563) said its former chairman Li Songxiao had surrendered to Hong Kong authorities on charges of defrauding investors, according to a Hong Kong bourse filing Wednesday.

Li allegedly conspired with then senior executives of the company, which was known as Neo-China Group at the time, to inflate the profit and assets of the business through fraudulent property transactions involving over HK$330 million in total, according to Hong Kong's Independent Commission Against Corruption.

The infractions allegedly occurred between November 2003 and July 2007, and Li is due to appear before the Eastern Magistrates' Courts today to face the charges, according to the ICAC statement.

Neo-China Group changed its name to Shanghai Industrial Urban Development Group after Shanghai Industrial (HKG:0363) acquired a controlling stake in the business.

The company, in its recent statement, said that its current board, senior management, and staff had no connection to Li and were not involved in any of the alleged wrongdoing, and that the case would have no material adverse impact on the business.

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