HONG KONG, April 13 China Shanshui Cement Group
Ltd said on Thursday it had obtained a Hong Kong court
injunction against former management after executives were
allegedly attacked with pepper spray and smoke bombs in a bitter
The injunction stops former executives from removing assets
worth up to 142 million yuan ($20.61 million) from Hong Kong and
posing as directors or officers of the $2.7 billion company, one
of the biggest cement makers in China.
The dispute underlines the challenges faced by Hong Kong's
stock exchange in improving governance of mainland Chinese
companies, which are prone to feuds and statements that would
raise eyebrows in most other financial centres.
China Shanshui said on Monday that current executives had
been attacked with pepper spray, smoke bombs and water guns and
held for two hours by associates of a former official when they
had tried to retake control of company property in China.
Shanshui said on Thursday that some of its employees had
been detained in China due to alleged criminal conduct, although
it was not clear if the charges related to the clashes at the
company facility in the city of Jinan.
The company said in a filing on Monday that former deputy
general manager Mi Jingtian and his associates had illegally
occupied the Jinan facility.
An employee at the facility told Reuters on Monday that
there had been a confrontation but that Mi had "acted lawfully".
Company representatives were not available to comment and
former executives could not be reached.
The injunction will remain in force until a hearing on April
Shares in Shanshui Cement have been suspended since April
2015 as its public float fell below the 25 percent minimum level
required after Tianrui Group raised its stake to become the
company's biggest shareholder. A Tianrui representative was not
immediately available for comment.
($1 = 6.8890 Chinese yuan renminbi)
(Reporting by Farah Master; Editing by Stephen Coates)