Improve internal controls Luen jewels are up nearly three times times

After more than three years of suspension, Hong Kong jeweler Luen Jewellery (00417,HK), which includes several allegations of fraud and bribery by a number of company executives, including founder Luen, completed the relevant internal reorganization of the company and reached the licensing conditions of the Hong Kong exchange on January 19, 2006.　　Yesterday's official reply. Yesterday, the Luen shares rose, the full day turnover reached 34.87 million shares, the transaction amount of more than 100 million Hong Kong dollars.　　Up to 288%, although the afternoon a bit back, the whole day still closed up 267.9%, the report of 2.98 Hong Kong dollars.　　More than three years ago, the closing price of the stock was HK $0.84. has improved the internal surveillance days Luen jewelry issued by the bulletin shows that during the suspension period, the company has been under the supervision of the new management team to undertake a number of measures to improve the internal control system, including system software and inter-departmental inspection, in particular, to exempt travel agents and tour guides of all cash transactions, by cheque or autopay payment, can be traced.　　None of the new management members in Luen are the targets of the ICAC's prosecution. In addition, Roshenmi, an independent professional who has been commissioned by the company, has passed a test to indicate that internal monitoring reports, such as the commission system and employee bonus system in the showroom business, have been effectively implemented Luen the transactions completed in the financial year ending February this year.　　Although there are some minor exceptions in the implementation of Luen for monitoring agent sales commissions and consultancy fees, the situation does not seriously impair the company's internal monitoring effectiveness. Luen daughter-in-law in charge of the company Luen ancestral South China Sea, because of the success of the creation of "Luen" brand known as "Jewelry King." In 1987, Luen Jewellery was listed in Hong Kong as the first jewellery retail company to be listed in Hongkong. Because Luen indulge in speculation real estate, 1997 due to the financial turmoil, heavy debt.　　In 2000, Luen was officially bankrupt by court, but in 2004 friends helped pay off their debts in advance and redeemed the bankruptcy order. However, after investigation, since 1996, Luen and his son, former chairman of the company, Sheda, and a number of other senior executives have started to 倒账 through the registration of a number of overseas companies, and have provided illegal kickbacks to a number of Hong Kong travel service staff by falsely distributing special bonuses to employees of the company, and assisting travel In exchange for tour guides to visit the Luen jewelry store.　　The total amount of illegal kickbacks amounted to HK $170 million in the ten years involved.　　In May 2005, the Hong Kong Independent Commission Against Corruption commenced a formal investigation into the Luen and the Luen Company's shares were declared suspended in January 2006. In May 2008, the Luen father and son case was tried in court, and the Luen and three senior executives were convicted of conspiring to provide benefits to travel agents, falsify accounts and conspiracy to steal.　　Luen was sentenced to 3 years and three months in prison, while Sheda was sentenced to five years in prison. June 2008, Luen Jewellery formally appointed former chairman of Sheda's wife Chu Anyi as chairman of the company. The 38-year-old Chu Anyi, a Luen daughter-in-law, graduated fromBoston University, USA, June 2006 as executive director of the company.