16:37:04 EDT Fri 19 Oct 2018
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save
China Medical Technologies Inc
Symbol U : CMED
Recent Sedar Documents

China Medical liquidator files claim for West Van home

2018-08-09 10:12 ET - Street Wire

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

The legal wrangling over a $521-million (U.S.) fraud at former Nasdaq listing China Medical Technologies Inc. has arrived in the Supreme Court of British Columbia, with the company's liquidator seeking an asset freeze over a West Vancouver home. The liquidator claims that a former China Medical executive, Feng Zhu (also known as Charles), was part of the fraud. Mr. Zhu lives in the Vancouver area and owns a West Vancouver home that is listed for sale for $2.9-million.

The allegations are contained in a notice of claim filed at the Vancouver courthouse on July 30, 2018. They trace back to a fraud that occurred in 2007 and 2008, when China Medical Technologies was a Nasdaq company purportedly in the business of treating cancer and other ailments. According to the lawsuit, the company's management members of the day misappropriated $521.8-million (U.S.) of the company's money. They did so by arranging an acquisition of two assets (called fluorescent in situ hybridization technology and surface plasmon resonance technology).

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2018 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.