Missing Naibu bosses leave investors in the dark
03/03/2015
The statement said: “The non-executive directors of Naibu are disappointed to report that they have been unable to obtain any information regarding the company's trading operations in China, and therefore they are currently unable to provide shareholders with any update on the financial position of the company. Neither Lin Huoyan, the chairman, nor Lin Congdeng, executive director, have responded to requests from the non-executive directors to provide such information.
“The non-executive directors understand that market conditions have continued to be difficult and negotiations with distributors still have to be successfully concluded. They believe trade debtors have increased substantially, but in the absence of further information from the executive Directors, they are unable to assess the extent of this or the current financial position of the company.”
Accountancy KPMG has been appointed to prepare a report on the group's financial position so they can decide on next steps.
The group announced revenues increases of 15% for 2013, after floating on London’s junior stock exchange, AIM, in 2012.
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