Green Leader Holdings Group Announces Clarification of Inaccurate Articles Reserves All Its Rights to Pursue

The Company entered into of an acquisition agreement by a subsidiary of the Group with six obligors as announced on 31 March 2017. One of the obligors had commercial disputes with the Group and made false accusation by way of a criminal complaint in Cambodia against Mr. Zhang Sanhuo ("Mr. Zhang"), the Chairman and an executive director of the Company, and Mr. Tse Michael Nam ("Mr. Tse"), the Chief Executive Officer and an executive director of the Company, alleging forgery on their part. Both Mr. Zhang and Mr. Tse immediately upon learning the arrest warrant had engaged Cambodia legal adviser to commence legal action to cancel the arrest warrant and defend the criminal complaint. The arrest warrant had subsequently been cancelled on 29 November 2017. The Cambodia legal adviser had also applied on behalf of Mr. Zhang and Mr. Tse to dismiss the criminal complaint and the criminal complaint had been dismissed on 28 December 2017. Mr. Zhang and Mr. Tse consider such criminal complaint and false accusations were vexatious or frivolous with an aim to assert undue pressure on the Group and its directors and this was later proved by the dismissal of the criminal complaint.

The Articles also gave groundless allegation that the Group had only completed the cultivation of less than 500 hectares of cassava in Cambodia in 2018. As disclosed in the 2017 annual report and 2018 interim report of the Company, the Group had completed the cultivation of 2,500 hectares of cassava.

The Company reserves all its rights to pursue in respect of such inaccurate contents in the Articles.

About Green Leader Holdings Group Limited (Stock code: 61)Green Leader Holdings Group Limited and its subsidiaries principally engaged in (i) the development of processing and production of bio-energy ethanol, cassava starch/ modified starch products using cassava as raw material; and (ii) coal exploration and development (mining operation) and the provision of coal trading and logistics services.

Topic: Press release summarySectors: Daily Finance, Daily News^[1][2] http://www.acnnewswire.com From the Asia Corporate News Network

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References

1. ^{^} Daily Finance (www.acnnewswire.com)
2. ^{^} Daily News (www.acnnewswire.com)