The appointed receivers of Birmingham International Holdings have informed the Hong Kong Stock Exchange that the Extraordinary General Meeting (EGM) called for yesterday by shareholder Carson Yeung La Sing was invalid. In spite of being in prison, on 25 and 26 February Mr. Yeung attempted to convene an extraordinary general meeting to appoint and remove new directors to the board of the company by publishing notices in three Hong Kong newspapers, scheduled for yesterday. However, on Wednesday evening the receivers of the company said the meeting was invalid because the notice period did not meet legal requirements. ‘The proposed Meeting Date does not satisfy the required notice period. In this connection, the Receivers are of the view that […] any proceedings of the proposed EGM at the Proposed Meeting Date would be invalid, irregular and of no effect’, it was explained. This meeting is another episode of the internal ‘wars’ raging inside Birmingham International between different factions within the company, which started after Mr. Carson was imprisoned, and have led the company into receivership. Early this week the company announced a major reshuffle of its board with the resignation of seven directors, including the Chairman and Vice-Chairman. Two directors were fired and another two members of the board were suspended. Carson Yeung holds approximately 27.9 per cent of Birmingham International Holdings and was the Chairman and Executive Director of the company until the beginning of 2014 when he was convicted on five counts of money laundering and sentenced to six years imprisonment.
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