YGH Yinggao Hldgs

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RNS Number : 4174Z

Yinggao Holdings PLC

15 March 2012

Yinggao Holdings plc

("Yinggao" or the "Company")

Update re Suspension

Further to its announcement of 10 February 2012, the Company can update the market on the investigation by the Hong Kong Customs and Excise Department and the customs authorities in China. The Company previously announced that it believes the investigation is the result of suspected violations of import and export regulations by certain customers of the Company, but no details have been given by the investigating authorities.

Subsequently, it has come to light that a number of the Company's crewmen were detained by the authorities in China as part of the investigation, some of whom have subsequently been released under bail conditions. All of the Company's vessels have also been detained. Ms Angela Leung, the Company's Executive Chairman, has also been detained by the authorities in China, although she has not been charged with any offence.

Many of the Company's documents, as well as their computers and servers, were also taken away by the authorities, although some of these are slowly being returned. Due to the continuing retention of documents, the Company is uncertain as to whether it will be able to publish its annual report and accounts for the financial year ended 31 December 2011 and hold its annual general meeting before 30 June 2012.

The effect of the investigation is likely to have an adverse effect on trading in the current year.

A further update will be given to the market in due course.

Enquiries:

 
 Paul Shackleton                 Tel: +44 (0) 20 7776 6550 
  Daniel Stewart & Company Plc 
  www.danielstewart.co.uk 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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