Investigation involving a number of irregularities Meili Paper was the resignation of three executiv

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Murray Paper (000 815) Thursday night issued a public notice in the Shenzhen Stock Exchange Web site said the company appeared a number of irregularities, Ningxia, China Securities Regulatory Commission has ordered corrective Authority, while Meili Paper also announced the secretaries to directorate, chief accountant, chief engineer has resigned.

Announcement said the China Securities Regulatory Commission Ningxia Authority under "on strengthening the supervision of the 2008 annual report of listed companies related work notice" (listed on the Department of letter [2009] 014), and "the China Securities Regulatory Commission" ([2008] 48) requested in May 2009 on the China Metallurgical Meili Paper Industry Co., Ltd. Annual Report 2008, conducted a special inspection of the disclosure, and in 2009 issued on June 5 subsolar "supervision reminders" (rather SFC letter [ 2009] 59). Received a "supervision reminder", the company's board of directors attached great importance to the relevant departments to immediately organize the company for serious analysis and discussion, according to "supervision reminder" requirement to develop a practical corrective measures, and begin the rectification.

The resignation of three executives According to the disclosure notice
night, Board of Directors on July 28, 2009 Secretary of the Board Mr. Yan Xueting received, the Chief Accountant and Chief Engineer Mr. Wang Shouqing Mr. Hao Lingzhong a written resignation. Mr. Yan Xueting because the relevant provisions of the securities regulatory authorities and the objective reasons for resignation by the company as vice chairman, director, board secretary position. Mr. Hao Lingzhong because the relevant provisions of the securities regulatory authorities and the objective reasons for resigning as the chief accountant position. Mr. Wang Shouqing because the relevant provisions of the securities regulatory authorities and for objective reasons, resigned from the position as chief engineer. Mr. Yan Xueting, Mr. Hao Lingzhong and Mr. Wang Shouqing's resignation will not affect the normal work-related. According to "articles of association" requirement, the resignation from the date of service of Board of Directors.

Corporate governance deficiencies exist related companies with a set of troops
Ningxia Authority inspection results show that Meili Paper Industry and controlling shareholder of personnel, institutions are not strictly separated. China Metallurgical Construction Corporation is the U.S. Lihring Meili Paper Industry respective branches without legal person status, Ningxia Sen Fung Forestry Co., Ltd. is a subsidiary group.

Two main business units assets with a tree planting and management. At present, the China Metallurgical Construction Corporation and the United States Lihring Industry Co., Ltd. Ningxia Sen Fung forestry personnel, institutions are not strictly separated, that "a candidate for the two brands." Non-compliance.

Meili Paper Industry said the arrangement was initiated in mid-June to Ningxia Sen Fung Forestry Co., Ltd. in China Metallurgical Construction Company U.S. Lihring industry personnel with part-time separation, is now cleared, personnel and institutions fully independent.

Number of non-disclosure of related party transactions
Announcement shows there is more than Meili Paper non-disclosure of related party transactions, against the company and poor communication between subsidiaries, the securities sector and the related issue of poor communication sector, the Authority require the company to the subsidiary, to execute the internal control procedures, to prevent similar issues from occurring.

The same time, the daily in 2009 is expected to practice regularly the implementation of related party transactions with the financial and fund departments and subsidiaries of contact, to keep abreast of the daily implementation of related party transactions, while operating according to company needs a new place in time to be associated transactions submitted to the Board, shareholders will be considered to ensure the normal operation of the company.

Imperfect information disclosure Meili Paper Industry Annual Report "section V of the directors, supervisors and senior management situation" in the "reporting period, the total compensation received from the company," the disclosure is incomplete, only part of the disclosure of real wages, according to the specified disclosure of every incumbent Directors, supervisors and senior managers from the company during the period of pre-tax total compensation.

Meili Paper said this will further strengthen the directors, supervisors, senior management and staff of annual report disclosure criteria for the study, improve the quality of the relevant personnel to ensure accurate understanding of terms of information disclosure standards, to prevent such situation from happening again.

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