Bosideng and its Small Lie

Jun. 10, 2011 5:28 PM ET4 Comments
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Respect for the rights of others means peace.

Bosideng (3998), in its filings to the Hong Kong Exchange, has reported that Harvest Fancy Limited (盛怡有限公司), from whom they bought the Menswear Company (江蘇康博製衣有限公司), is an Independent Third Party to the best of the Directors’ knowledge, information and belief having made all reasonable enquiry. The shareholders of Harvest Fancy are Kin Wa Tso and Yin Kwan Kwok both living in Flat C, 62/F, Block 5, Sorrento, 1 Austin Road West, Kowloon. So far, it looks as if Harvest Fancy is an independent third party. However, it turns out that Tso is handicapped and, for a living, he loans his name as figurehead to several companies. In fact, Dekang Gao, Bosideng's Chairman, used Tso's name before when he registered PRC-incorporated Bosideng Corporation (波司登股份有限公司) in Hong Kong in 2003! Therefore, to the Chairman's knowledge, Harvest Fancy was never an independent third party, so the purchase agreement entered into was not based on negotiations at arm's length, as repeatedly stated in the filings.

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