Cheap China Play---GTTIF Message Board

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Strategies & Market Trends : Cheap China Play---GTTIF

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To: Albert Shilin who wrote (18)	1/31/1997 9:21:00 AM
From: Albert Shilin	of 42

VANCOUVER, Jan 30 (Reuter) - The Royal Canadian Mounted Police said Thursday that they issued arrest warrants for two former officials of GrandeTel Technologies Inc who are being charged with fraud. The police said Miko and Sit Wa Leung of Hong Kong caused the company to issue 1.11 million common shares under false pretenses in 1992 when it was called MTC Electronic Technologies and based outside Vancouver. The brothers were at the time president and secretary of the company, which lost US$4.3 million in the share deal. A spokeswoman for Grandetel, which is now headquartered in Toronto, said the company welcomed the police action. "It's better for the company to close this chapter and not have it hanging over its head," she said. GrandeTel, which has interests in telecommunications in China, filed its own lawsuits against the Leung brothers and settled those in 1995. It has also settled lawsuits it filed against HSBC Holdings Plc's 0005.HK Hongkong Bank of Canada and a group of stockbrokers over the share issue. GrandeTel corporate secretary John Evans said the company has been told by lawyers representing the two men that they are both now in China. Sit Wa Leung has sent word that he is unable to travel because his passport was confiscated while Miko Leung was reported to be in the hospital and also unable to travel, Evans said.

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