Exclusive‘Titanic’ shareholders cast doubt over merger, stunned that Chinese corruption suspect’s teenage daughter, Linda Ching, is financier
Two largest independent shareholders demand clarification from Nasdaq-listed Premier Exhibitions over SCMP's revelations that graft suspect Michael Ching Mo Yeung's daughter is US$1m backer of merger with Dinoking Tech
UPDATE: Michael Ching Mo Yeung has commenced legal proceedings against South China Morning Post in the Supreme Court of British Columbia. Mr Ching alleges in his lawsuit that this article contains false and defamatory statements, and that the conduct of South China Morning Post and its reporter was malicious, reprehensible, high-handed, and blameworthy.
Shareholders in Premier Exhibitions, the US firm that owns salvage rights to the Titanic, have cast doubt over the firm’s impending merger after the South China Morning Post revealed that one of the financiers of the deal is the teenage daughter of Chinese corruption suspect Michael Ching Mo Yeung.
Premier’s two largest independent shareholders have demanded an explanation from the Nasdaq-listed company ahead of a crucial October 29 vote on whether to approve the merger with Canadian firm Dinoking Tech.
Gregg Schneider, the largest independent shareholder, said he was “outraged” after learning of the involvement of Vancouver university student Linda Ching, brought aboard as one of four investors by Dinoking.
Fellow shareholder Andrew Shapiro said he had forwarded the Post’s report to the US Securities and Exchange Commission.
READ MORE: Chinese corruption suspect's teenage daughter in US$1m deal
Dinoking and its boss, Vancouver-area businessman Bao Daoping, brought in Linda Ching as a US$1 million investor as part of efforts to shore up cash-strapped Premier, which has struggled to monetise its key asset, a trove of 5,500 Titanic artifacts it has had valued at more than US$218 million. If the deal proceeds, Bao takes control of the merged firm.