HollySys Comments on BVI Court Decision Denying Claim of Mr. Baiqing Shao and Ace Lead Profits Limited
Mr. Baiqing Shao and Ace Lead (the "Claimants") initiated proceedings against the Company in the Court on February 4, 2021 seeking to prevent the Company from enforcing the 2021 Amendments (the "Claim").
- Mr. Baiqing Shao and Ace Lead (the "Claimants") initiated proceedings against the Company in the Court on February 4, 2021 seeking to prevent the Company from enforcing the 2021 Amendments (the "Claim").
- On September 22, 2021, the Court handed down a judgment rejecting the Claim.
- In denying the Claim, the Court found that "the [Company's] directors all acted for proper motives and that the amendments were not made in breach of their fiduciary duties to Hollysys".
- The decision of the Court may be appealed within 42 days of the date of the ruling.