Shanshui Fight Escalates as New Managers Try to Seize China Unit
- New management has taken over majority of firm's units: Liu
- Shandong Shanshui CFO Henry Li says the move hurts creditors
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The fight for China Shanshui Cement Group Ltd. escalated further today as the company’s new management sought to take control of its main operating unit which executives deposed in a shareholder scrap have refused to relinquish.
Shandong Shanshui Cement Group Ltd. is being taken over Monday, Liu Yiu Keung, executive director at China Shanshui, said by phone. The move is illegal and will hurt the company and its creditors, said Henry Li, who still identifies himself as chief financial officer of Shandong Shanshui, in an interview Monday. China Shanshui has already taken over most of the company’s other units, according to Liu.