TORONTO, May 31, 2013 /CNW/ - Boyuan Construction Group, Inc., TSX: BOY, BOY.DB.A), a growing construction company in China of commercial, residential
and municipal infrastructure projects, announced today that the Ontario
Securities Commission (the "OSC") has issued a Notice of Hearing to
consider a settlement agreement (the "Settlement Agreement") that has
been reached by the Staff of the OSC with Boyuan. The Settlement
Agreement relates to allegations made by the Staff regarding certain
inaccurate documents and information provided by Boyuan to Staff and to
Boyuan's auditors for a related party loan transaction entered into by
the CEO on behalf of Boyuan and to Boyuan's lack of adequate internal
control procedures on related party transactions and provision of
information to its auditor and regulator.
The hearing is scheduled to be held on June 4, 2013 to consider whether
it is in the public interest for the OSC to make an order, pursuant to
the Ontario Securities Act, approving the Settlement Agreement. As is customary in such cases, the
terms of the Settlement Agreement are confidential and will be made
public only if and when approved by the OSC.
For information regarding details of the Notice of Hearing, please see: www.osc.gov.on.ca.
About Boyuan Construction Group, Inc.
Based in Jiaxing City, China, Boyuan Construction Group, Inc. is in the
business of commercial building and residential construction, municipal
infrastructure and engineering projects. In its last three fiscal
years ending June 30, 2012, Boyuan completed more than 80 projects for
a number of private and public sector clients. Boyuan's current
project backlog includes residential, commercial, industrial and
mixed-use developments. From its operating bases in Zhejiang Province
and in Hainan Province, Boyuan focuses on construction projects in
China's fast-growing regions of the Yangtze River Delta, Hainan
Province and Shandong Province. For more information visit www.boyuangroup.com.
SOURCE: Boyuan Construction Group, Inc.
For further information:
Boyuan Construction Group, Inc.
Mr. Paul Law, CFO
+(852) 9329 5088
(416) 815 0700 ext. 253