China's Fuwei Films announces initial verdict of major shareholders case

24-Mar-09
Fuwei Films (Holdings) Co. Ltd., China-based BOPET plastic films manufacturer recently informed of the initial verdict issued by the Jinan Intermediate People's Court in the city of Jinan, Shandong Province, concerning the Company's three major shareholders, Mr. Jun Yin, Mr. Tongju Zhou and Mr. Duo Wang. The verdict found the three major shareholders guilty of the crime of misappropriation of state-owned assets relating to tens of millions of RMBs' worth of assets during the reorganization of Shandong Neoluck Plastics Co., Ltd. The court sentenced Mr. Yin to death, with a stay of execution for two years. The other two defendants, Mr. Zhou and Mr. Wang, each received life imprisonment. All of the personal property of the three individuals (including their holdings of Apex Glory and Easebright Investments, through which they own an aggregate of approximately 65% of the ordinary shares of Fuwei) will be transferred to the Chinese government. None of these individuals is currently involved in Fuwei's day-to-day operations. The three individuals are currently appealing the initial verdict.
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