2024.05.30
Grand River Development Limited
Regarding media reports on May 28, 2024 in connection with FTI and JLL Taiwan being engaged to ‘sell the “The Sky Taipei”’, the Company’s response is as follows:
There are no plans to sell the Company or “The Sky Taipei” itself.
Under the leadership of Chairman Ching-Hsin Chang, the Company’s finances and operations are in order, and the construction of “The Sky Taipei” is as scheduled.
The FTI Receivers have no legal or other entitlement to sell the Company or “The Sky Taipei”. The interest which FTI and JLL intend to sell is an equity interest in certain offshore companies indirectly holding “The Sky Taipei”. FTI is an agent appointed by a group of creditors at an offshore company level to act as a receiver, and it is not the equity holder or seller of the offshore interest. It is only an agent.
Any sale of the Company or “The Sky Taipei” itself shall require the prior approval of all the shareholders of the Company. Any sale of “The Sky Taipei” shall also be subject to CTBC Bank’s right of first refusal pursuant to its land purchase agreement with the Company.
The Company’s offshore shareholding structure is the subject of a series of ongoing legal disputes overseas, and is currently being litigated in the relevant courts.
Please refer to the announcements on the Company's website (https://www.theskytaipei.com) for the Company's comments on relevant news reports.
Should there be any operational questions, please contact either the Company or the project managers.
2024.01.31
Grand River Development Limited
In response to the false statement made through the media by our company's Vice Chairman, Chiu Kuan-Hsun, we clarify as follows:
The media’s report on the evening of January 30, 2024, titled "Suspicions of Embezzlement in the Sky Taipei: Grand River Vice Chairman Releases a ThousandWord Statement in the Evening" was a personal statement by the Vice Chairman Chiu Kuan-Hsun and does not represent the position of Grand River.
In his statement, Chiu Kuan-Hsun takes advantage of his position as the Vice Chairman of Grand River to speak on behalf of Lion Best, a company wholly owned and represented by him, causing confusion with false statements. To protect the interest of the investors and the syndicate banks, this should be clarified.
The illegal transaction by the accused is currently being investigated by the Taipei District Prosecutors Office. Besides conducting internal investigation into any illegal activities, we urge the accused to cooperate with the authorities for investigation, avoid further confusing the public, and to stop attempting to affect the construction of the Sky Taipei.
It is reiterated that the company maintains normal operations with steady finance structure. The Chairman has instructed that the company will fully cooperate with the authorities in the investigation of the aforementioned scandal. Any illegal activities by employees involved will not be condoned or covered up.
For clarification on related news reports, please refer to the announcements on our company's website (URL: https://www.theskytaipei.com).
2024.01.30
Grand River Development Limited
Regarding the search of Kuan-Hsun Eric Chiu and former employees’ office and residence and summons for investigation on January 18 2024, and the subsequent media reports related to the ongoing The Sky Taipei construction, we hereby clarify as follows:
Since Mr Ching-Hsin Chang assumed the position of Chairman of our company in February 2023, Mr Chang has initiated investigation into company finance structure and relocated the office to 12F-1, No. 32, Songren Road, Xinyi District in Taipei City to ensure the ongoing construction of The Sky Taipei should proceed as planned. The company has maintained regular operation.
The company will be in full cooperation with prosecutor’s investigation into any illegal activities and will not condone or cover any personnel involved.
The company has been relocated to the aforementioned address. We hereby clarify that the reported search and investigation activities were for the former office and are not related to company’s current operation.
For any inquiries, please contact Mr CK Lee for further information. (+886-910-767-638 / chee.lee@grandrivertw.com)
2023.05.25
Grand River Development Limited
In light of the recent disturbances of the operations of the Company and the Board of Directors, we hereby clarify as follows:
The chairman of the Company is Mr. Ching Hsin Chang, who holds and keeps the seals and chops of the Company for the daily operations of the Company, as registered by the Department of Commerce, Ministry of Economic Affairs (MOEA). Regarding the matter where Ting Hoi Ma dismissed relevant directors and unlawfully convened a meeting of the board of directors under the name of Luxe Opus S.à r.l. (hereinafter, “Luxe Opus”), and filed with the Department of Commerce, MOEA for a change to the Company’s chairman, directors, and relevant seals and chops of the Company, the Department of Commerce, MOEA issued a letter on May 16, 2023 requesting Ting Hoi Ma for clarification on whether he has the authority to sign on behalf of Luxe Opus, and should no response be received by the deadline, such filing will be denied (see link to Department of Commerce, MOEA at 商工登記公示資料查詢服務.
The A-7 The Sky Taipei building currently under construction by the Company will operate Park Hyatt and Andaz, subsidiaries of Hyatt Group, for use as originally planned. There is no conversion of the usage into office space, nor sale of individual floors of the building.
Upon investigation, the issuance of Preferred A Shares during 2021 by Green Heaven Investments Limited, the upper-level holding company of the Company, to Lion Best Global Limited was found to not have been approved by the board of directors or the shareholders’ meeting and without obtaining the consent of relevant shareholders. As such, the issuance thereof shall be illegal and invalid.
Should you have any questions regarding the above mentioned matters or require further information, please contact Mr. Chee Kien Lee (+886-910-767-638 / chee.lee@grandrivertw.com)