Guangnan (KK) Incident

20 June 2001, Guangnan Supermarket Development Co. Ltd. applied to Court to liquidate her sister company, Guangnan (KK) Supermarket, and appointed Mr. Stephen Liu Yiu Keung of Ernst and Young Partner to be the temporary liquidator, he will take over all the assets of Guangnan (KK) Supermarket immediately and start to liquidate, protect and preserve the respective assets.

5 September 2001, the Court approved the liquidation application.

Mid September 2001, temporary liquidator Mr. Stephen Liu Yiu Keung issued questionnaires to 40 creditors with over HK$1 million credits to ask for their opinions about 1) Exemption from holding Creditor Meeting, 2) Support Mr. Stephen Liu Yiu Keung to be the formal liquidator, 3) Establishment of Liquidation Supervision Committee. Receiving more than 20 creditors' replies, 11 creditors had interest to be the members of Liquidation Supervision Committee.

1 November 2001, the Court appointed Mr. Stephen Liu Yiu Keung as the formal liquidator, and approved the establishment of 7-member Liquidation Supervision Committee. The liquidation procedures were formally started.

19 December 2001, Liquidator Mr. Stephen Liu Yiu Keung held the first meeting of Liquidation Supervision Committee at Ernst and Young Partner.