Wednesday, August 12, 2009
Felix Chen comments on the Layou River Estate BVI trial
BY Claudine Moore - C Moore Media
The trial involving the Layou River Development began in the British Virgin Islands (BVI) on July 27, 2009. Prime Minister Roosevelt Skerrit and Mr Felix Chen, Chairman and President of Sino Union were both cross-examined at great length by attorneys for Rich Victory and David Hsiu, causing the trial to be continued until the
week of October 19, 2009.
This first trial in the BVI Court will decide whether the majority ownership of
Shangri-la International Development Holding Limited (“Shangri-la”) is owned by the
Government of Dominica or Rich Victory Investment Limited (“Rich Victory”), a company
controlled by Dominica’s former Ambassador to China, David Hsiu. Both Sino Union and the Government contend that Rich Victory transferred the majority shares in Shangri-la to the Government in 2006. Shangri-la is the joint venture formed to develop the Clark Hall Estate, in which Sino Union invested US$20 million.
This lawsuit to rectify the shareholder register of Shangri-la, to officially record the transfer of 51% of Shangri-la shares to the Dominican government, was as a direct result of Mr Felix Chen’s intervention and insistence upon recognition of the Dominican people’s interest in the Layou River Development.
“I am very confident that this trial will result in a successful outcome and the majority shares of Shangri-la will be placed into the hands of the Dominican government and the Dominican people, where they rightfully belong,” said Mr. Felix Chen, Chairman and President of Sino Union “I am driven to make the shareholder rectification and the Layou River Development happen as soon as possible, so the Dominican people can experience the benefits during these difficult economic times. I look forward to working closely and collaboratively with the Government on these issues in the near future”.
About C.Moore Media
C. Moore Media is a boutique international communications consultancy specializing in
international public relations and communication services. The company is located in New York, and the founder Claudine Moore has been placed on The PowerList 2010:Britains Top 100 Most Influential Black People. twitter.com/CMooreMedia www.cmooremedia.com
The trial involving the Layou River Development began in the British Virgin Islands (BVI) on July 27, 2009. Prime Minister Roosevelt Skerrit and Mr Felix Chen, Chairman and President of Sino Union were both cross-examined at great length by attorneys for Rich Victory and David Hsiu, causing the trial to be continued until the
week of October 19, 2009.
 Felix Chen is suing Dominica's ambassador to China David Hsiu over the Layou River Hotel project. |
This first trial in the BVI Court will decide whether the majority ownership of
Shangri-la International Development Holding Limited (“Shangri-la”) is owned by the
Government of Dominica or Rich Victory Investment Limited (“Rich Victory”), a company
controlled by Dominica’s former Ambassador to China, David Hsiu. Both Sino Union and the Government contend that Rich Victory transferred the majority shares in Shangri-la to the Government in 2006. Shangri-la is the joint venture formed to develop the Clark Hall Estate, in which Sino Union invested US$20 million.
This lawsuit to rectify the shareholder register of Shangri-la, to officially record the transfer of 51% of Shangri-la shares to the Dominican government, was as a direct result of Mr Felix Chen’s intervention and insistence upon recognition of the Dominican people’s interest in the Layou River Development.
“I am very confident that this trial will result in a successful outcome and the majority shares of Shangri-la will be placed into the hands of the Dominican government and the Dominican people, where they rightfully belong,” said Mr. Felix Chen, Chairman and President of Sino Union “I am driven to make the shareholder rectification and the Layou River Development happen as soon as possible, so the Dominican people can experience the benefits during these difficult economic times. I look forward to working closely and collaboratively with the Government on these issues in the near future”.
About C.Moore Media
C. Moore Media is a boutique international communications consultancy specializing in
international public relations and communication services. The company is located in New York, and the founder Claudine Moore has been placed on The PowerList 2010:Britains Top 100 Most Influential Black People. twitter.com/CMooreMedia www.cmooremedia.com
| | Home Page | Dominica |Welcome Message | Prior Issues|Flag and Symbols | Dominica Constitution | Bulletin Board |Contact Us |Local Headlines |Discussion Board |Radio & TV |Cricket | Current Issue |
// posted by TheDominican.net @ 7:22 PM
Subscribe to Posts [Atom]
Post a Comment
Please Provide Opinions and Comments on This Article.