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Shanghai Jahwa denies covering investment projects
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SHANGHAI Jahwa United denied that it had "hidden" tens of millions of profit through various investment projects without revealing them to investors.
Former Jahwa chairman Ge Wenyao told an investment forum in Shanghai over the weekend that the company had made a series of investments and has huge potential of growing its profit once they are sold.
Jahwa said in a stock exchange filing yesterday that it has made full disclosure about its investment activities in the recent year in its financial reports, including those in a travel agency in Hainan Province and a pharmaceutical company in Jiangsu Province.
Ge wrote on his official Weibo account yesterday that Jahwa's investment records are all open for public review and what he said over the weekend shall not be considered as "insider information".
Last week, a majority of shareholders of Jahwa passed a motion to dismiss former general manager Wang Zhuo as a member of the board of directors.
Wang was first removed from his seat as general manger in May, after the board of directors blamed him for "failure in internal control measures".
That concludes a long-standing boardroom conflict between the management team and Jahwa's major shareholder Ping An Insurance.
Ping An has appointed Xie Wenjian as chairman after it took over the ownership of Jahwa in 2011. Xie has been acting general manager since Wang's dismissal.
Jahwa shares opened higher in the morning session as it resumes trading today after temporary suspension yesterday.
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