Greatview Aseptic Packaging (00468.HK): Releases Major Investigation Findings; Former Management Alleged to Have Damaged Corporate Interests, Potentially Triggering Legal Action
On January 15, Greatview Aseptic Packaging Company Limited (00468.HK) issued a detailed announcement today, disclosing the results of the second-phase independent investigation into a major corporate restructuring carried out in early 2024. The report indicated that the former management had engaged in a series of acts suspected of breaching their duties and harming the company’s interests during the transaction.
The investigation report revealed several key issues. Among them, the authenticity of the "customer complaints" that served as the basis for the restructuring was seriously questioned. The investigation found that relevant communications might have been orchestrated with the involvement of the former management, rather than being directly initiated by customers. Meanwhile, the former management was accused of failing to fully disclose their own roles in the transaction structure, suspected of evading the review process for connected transactions.
The investigation further discovered that a series of operational agreements signed between the company and the divested international business entity after the restructuring contained obviously unfair terms, which might have seriously undermined the company’s interests. In addition, the former management was alleged to have artificially lowered the disclosure level of the transaction by selectively adjusting financial data, thereby evading the approval procedures that required shareholder consent.
The report further pointed out that a series of arrangements made by the former management after the restructuring, including the provision of low-interest loans and the transfer of core employees and customer resources, had essentially weakened the competitiveness and operational foundation of the company’s original international business. The investigation also mentioned the existence of other undisclosed transactions and potential conflicts of interest.
The board of directors and the special investigation committee determined that the relevant members of the former management had failed to perform their duties as directors and should be held liable for the losses incurred by the company. The company stated that it is seeking legal advice and evaluating multiple courses of action, including filing legal lawsuits, claiming compensation, reporting the case to law enforcement agencies, and reviewing the revocation of certain disadvantageous agreements. The company has appointed consultants to conduct a comprehensive review of its internal control systems.
The company’s shares have been suspended from trading since February 19, 2025, and will remain suspended from trading.
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