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19/10/17
19:09
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Originally posted by SirloinSteak
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Thanks for your question Potchip.
SBB or Sunbridge Ltd is an Australian company. The bank accounts connected are in the name of the company. Any order placed on the company by an Australian court would be a direction placed onto the company. The bank in which the funds are held would pay withdrawals as they would to any other company. This is in fact a foreign company to the Chinese and was previously based in Hong Kong (rather than mainland China) not vice versa. Don't be fooled by the fact that the directors are Chinese. This doesn't change the fact the company is Australian. If anything a grabbing of assets would have the potential to occur in the inverse and I cannot see why the PRC government would protect them given that this is not a state owned company. It was the choice of the previously private owners to pull money from Australian capital markets and give nothing back. I am still confident that if left to their own devices the directors will give us something. This has taken too long so I intend to instead seek a better outcome through the courts with a potentially higher payout per share and PR attention to the dishonorable practices of business people from China.
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The operating company is in China, it's a Chinese business. The PRC would not want to lose face by helping out and has nothing to gain by doing so. Chances are Xu takes all the money out of the business and will never pay you a dividend, but there's no way to prove this and nothing you can do about it.