http://legalref.judiciary.gov.hk ... IS=80098&currpage=T
8. On 1 September 2008, a group of investors subscribed for 214,256,000 new shares at the subscription price of $0.07 per shares (“Second Subscription”). The Defendant raised $14,997,880 in subscription proceeds. On the same day, Robin Lee declared in a public announcement that the Defendant intended to apply the net proceeds of the Second Subscription as general working capital and/or for the development of the Defendant’s new business venture in gold industry and/or any other new investment project which may be identified by the Defendant from time to time. On 15 September 2008, the Defendant’s board of directors resolved to apply the proceeds as general working capital of the Defendant and its subsidiaries. However, between 5 and 29 September 2008, Robin Lee caused $14,000,520 to be withdrawn purportedly to repay short term director’s loans due to himself. Thus, a total sum of $29,600,520 was paid to Robin Lee.