Developer Socam rejects Beijing Jingda's writ accusing it of document theft

Hong Kong-listed Socam Development yesterday rejected claims that it stole financial documents belonging to a mainland company linked to the son of late state leader Hu Yaobang, insisting that it never took the paperwork related to a luxury Beijing villa project.

Socam's statement yesterday came after Beijing Jingda filed a High Court writ on Thursday accusing Socam of stealing Jingda's account books and other documents from the Beijing Fengqiao Villas project. Jingda, in which Hu's son, Hu Dehua, has a stake, is also demanding compensation for losses resulting from the alleged theft.

Jingda said in the writ that Socam sent more than 200 people armed with guns and chains to force staff out of the project's management office on August 2, 2009.

When Jingda staff regained access two months later it discovered that financial documents, account books and contracts were missing, it said. Without the records it could not process property titles and tax payments related to the project, resulting in "huge economic losses" to Jingda, the developer said.

But Socam rejected the claim.

"Since August 2, 2009 Socam has informed Beijing Jingda, directly and through Socam's lawyers on the mainland, that the company, its associated companies or related companies did not take away any of the documents mentioned in the writ of summons filed by Jingda against Socam, and that Socam had never possessed any of such documents," it said in a company statement yesterday.