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Last checked at 
16 Jul 2010 15:18
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SINOSOFT TECHNOLOGY PLC
("SINOSOFT" OR "THE COMPANY")
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Update
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Further to the trading update issued on 9th July 2010, the Board of Sinosoft has conducted initial enquiries into the matters giving rise to the net loss of $3.8 million referred to therein.
This loss arose from a number of foreign exchange contracts entered into in the second half of May 2010 in respect of which the Company's internal stop-loss limits were not complied with.Β This breach of limits and the consequent loss were not communicated by Mr Liu Biao, the Company's Investment Officer to the Board in a timely manner. As a consequence, he has resigned from the Company.
The Board has resolved to suspend all investment activity, other than the placing of fixed deposits, pending a full review of the Company's business, investment and strategic objectives.Β All remaining open foreign exchange positions have therefore been closed out.
A further announcement will be made when the full review has been completed.
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-ends-
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For further information please contact:
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Sinosoft Technology plc |
Mr. Yifa Yu |
yuyifa@sinosoft-technology.com |
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Westhouse Securities Limited |
Tim Metcalfe / Richard Baty Β |
020 7601 6100 |
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Tavistock Communications |
Simon Compton |
020 7920 3150 |
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