This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

Vancouver accountant Hao Shen denies allegations that he misappropriated hundreds of thousands of dollars from Zijin Mining Group Co. Ltd., his former employer. He says that the company forced him to work excessive overtime and assigned him duties that were not part of his contract. The extra work came after Zijin closed its $1.86-billion takeover of Nevsun Resources Ltd. in 2019.

The denials from Mr. Shen come in response to a lawsuit that Zijin filed against him on May 14, 2024, in the Supreme Court of British Columbia. According to the suit, Mr. Shen used a company credit card for purchases at Louis Vuitton, BMW, Mercedes-Benz, a private social club and others. He also siphoned $400,000 (U.S.) out of the company through a phony consulting agreement, Zijin claims.

The events at issue arise from Zijin's acquisition of Nevsun Resources Ltd. in 2019. The deal saw Zijin pay $6 per share, or $1.86-billion, beating out Lundin Mining Corp., which had offered $4.75 per share. Both sides were after Nevsun's Timok copper-gold project in Serbia.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS