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China Shanshui refutes ‘inaccurate’ allegations made by subsidiary
By Caroline Salls
Pittsburgh, Dec. 10 – China Shanshui Cement Group Ltd.’s board of directors said a previously announced change to the Articles of Association of wholly owned subsidiary Shangdong Shanshui Cement Group Co., Ltd. on Oct. 14 was neither authorized nor approved by the company.
According to a news release, the board obtained legal advice from its People’s Republic of China lawyers that the change of composition of the board of Shandong Shanshui and the change of the Articles of Association of Shandong Shanshui effective Dec. 3 are legally valid and do not violate the relevant Chinese laws and regulations.
The China Shanshui board said Shandong Shanshui has issued a series of public statements alleging that the board and article changes are illegal and void.
“Such allegations made by Shandong Shanshui are inaccurate and ought to be retracted,” the China Shanshui release said.
The company said it reserves its right to take legal actions against the parties involved in the release of the inaccurate public statements.
As previously reported, China Shanshui said on Dec. 3 that it decided to make changes to the composition of the board of Shandong Shanshui.
Specifically, Zhang CaiKui, Zhang Bin and Chen XueShi have been removed as directors of Shandong Shanshui, and Huang KeHua has been removed as the supervisor of Shangdong Shanshui.
Li Heping, Li Mao Huan, Mi Jingtian, Zhao Yongkui, Yu Yuchuan, Zhao Liping, Chen Zhongsheng, Gao Yong and Yang Yongzheng have been appointed as directors of Shandong Shanshui, and Liu Xian Liang has been appointed as supervisor of Shangdong Shanshui.
China Shanshui said Li Heping has also been appointed as the legal representative and chairman of Shangdong Shanshui, and MiJingtian has also been appointed as the deputy chairman of Shangdong Shanshui.
The cement manufacturing company is based in Jinan, China.
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