In the court proceeding against BMG in 2011 Mr Cheung claimed that his assets were unchanged over the last two years and that these asset were the source of his investment into BMG at that time
Those assets I assume included the sale and payments to one of Cheung another BVI companies of HK $300 million by Dejin Resources Limited (formerly Bright International limited) in April 2009 which was for the purchase of his companies forestry assets in China.
Recently those assets together with the gold and lighting assets owned by Dejin which have all been performing very badly suffered a big write down in their value. These change are reflected in the 2012 annual accounts where Cheung (former) forestry assets was written down by $HK210m.
Readers should draw no conclusion as to what was the real motivation for Cheung to step down if any other than the reason what is contained in the announcement.
However I ask "Are the brake really off?"
CAP Price at posting:
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