Landing International Development said its Chairman Yang Zhihui has filed a writ against two individuals who claim they are acting as receivers for a 50.48 percent stake in parent company, Landing International Ltd.
The writ of summons was filed against each of the receivers for a declaration that the deeds of appointment of receiver are invalid, the company said in a statement to the Hong Kong Stock Exchange.
Yang is the sole owner of Virgin Islands-registered vehicle, Landing International Ltd., which is the ultimate holding company for Landing International Development, a Hong Kong-listed company and developer of the Jeju Shinhwa World integrated resort in South Korea.
The company disclosed on Nov. 6th that two receivers had claimed ownership of just over half of the Virgin Islands’ company, at which time Yang pledged to defend his interests.
Landing said it would continue to make announcements on a monthly basis to keep shareholders updated in compliance with the Takeovers Code.
“This obligation continues (and the announcements will be required monthly) until the announcement of a firm intention to make an offer under Rule 3.5 of the Takeovers Code or of no offer was/has been triggered,” it said.
The two receivers have been named as Glen Ho Kwok Leung and Lai Kar Yan, who earlier this year were said to be working for Deloitte Touche Tohmatsu.