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Ourgame International Holdings Ltd ( (HK:6899) ) just unveiled an announcement.
Ourgame International Holdings Ltd has issued a supplemental announcement providing further details on its legal action to recover funds from former executive director and co-chief executive officer Mr. Ng Kwok Leung Frank, as part of an ongoing effort since 2021 to clean up historical accounts receivable and dispose of non-performing investments. The company disclosed that internal investigations have found Mr. Ng was allegedly the mastermind behind past illegal gambling-related activities carried out by former employees using the company’s gaming platform, and that he has been evading legal proceedings overseas since 2018. In addition to a previously disclosed nearly interest-free HK$5 million loan for which court proceedings have begun, Ourgame now suspects Mr. Ng of misappropriating at least RMB12 million of company assets under the guise of investments using accounts of family members or other associates, and is continuing to verify additional transactions and consider further legal actions or referrals to law enforcement based on the strength of the evidence and legal advice.
The most recent analyst rating on (HK:6899) stock is a Hold with a HK$0.22 price target. To see the full list of analyst forecasts on Ourgame International Holdings Ltd stock, see the HK:6899 Stock Forecast page.
More about Ourgame International Holdings Ltd
Ourgame International Holdings Ltd is a Cayman Islands-incorporated company listed in Hong Kong that operates online gaming platforms, including products that have historically been exposed to regulatory scrutiny in the PRC due to gambling-related risks.
YTD Price Performance: 8.18%
Average Trading Volume: 702,142
Technical Sentiment Signal: Hold
Current Market Cap: HK$250.7M
Learn more about 6899 stock on TipRanks’ Stock Analysis page.