St Kelon false Statement Securities Civil compensation case settlement

On the morning of 11th, the Guangzhou Intermediate People's Court accepted 201 Investors v. St Kelon for the settlement of the civil compensation case, and the lawsuit which 28.49 million yuan, most cases were settled by conciliation.　　St Kelon will pay the compensation payment to the plaintiff within five working days after signing the conciliation agreement. One of the two acting lawyers, Beijing Dacheng law firm Tao Yuseng, Wu Feng, according to the Guangzhou Intermediate People's Court in the scope of this centralized mediation, a total of 174 investors in line with the scope of compensation, the other 27 investors do not meet the compensation range, including 4 St Kelon H-shares investors. The court has determined the calculation method, the system risk deduction standard and each time point of the investment difference loss.　　St Kelon false Statement of the implementation date of April 4, 2003 (The Day of St Kelon 2002 Annual Report Disclosure Day), the disclosure date of May 10, 2005 (St Kelon Bulletin on the day due to breach of securities law by the CSRC), the base date is July 14, 2005. The second court of Guangzhou Chinese court, President Luo said that Guangzhou Chinese Academy received the case of Kelon electrical prosecution materials, a specialized collegial panel, in strict accordance with the Supreme People's Court of Justice interpretation, reviewed the plaintiff's main qualification, to take a separate case, combined trial (according to the plaintiff Deputy lawyer classification), confirmed the resolution principle: according to the provisions of judicial interpretation　　Balance all aspects of the relationship, calculated by Chengzhi deduction system risk;　　Kelon Electrical Deputy President Zhang Ming said, Kelon Electric Company and Hisense Group in a positive attitude to resolve the case, the company is willing to pay according to the court calculation results, the company in the settlement of the case, can throw away the historical baggage, forward development. In addition, according to the relevant official reply of the Supreme People's Court, four H-share shareholders filed lawsuits were dismissed by the court. H-Share plaintiff shareholder agent, Shanghai New Hope Tatsu law firm Song Yixin introduced, the reason for the dismissal is not applicable to the Supreme People's Court judicial interpretation, Kelon electric "article 23.1" can choose China international economic and Trade Arbitration Commission or Hong Kong International Arbitration Center arbitration "Agreement is valid, the provisions are established.　　This dismissal is based on the first official reply of the Supreme People's Court to the civil compensation for the false statement of H shares. In this mediation, by Kelon Electric Company and the plaintiff directly mediation, does not involve the Kelon electrical issued an audit report of Deloitte Touche CPA firm. It remains to be seen whether or not to prosecute Deloitte in the case of an investor's civil compensation lawsuit, requiring it to bear the corresponding audit responsibility according to the stipulations of the law and judicial interpretation. (Xu Xian)