Cannabiz reports that Cann Group are off to HK to try to get their money back..that they lost whilst trying to send it to a contractor. You all know the story by now
Good luck with that considering the chaos currently reigning in Hong Kong and especially in its legal system at the moment. Just a great excuse for some lawyers to help themselves to CannGroup shareholders cash with no outcome the most likely outcome.
Cann Group has started civil proceedings in the High Court of the Hong Kong Special Administrative Region against a third party seeking to recover around A$3.47m it lost in a recent cyber security incident.
An investigation was launched in February after payments meant for a Dutch contractor vanished into “an unknown third-party” account.
An injunction has now been granted by the court in favour of Cann Group to freeze certain assets of the defendant, Hong Kong-incorporated Er Ya Trade Ltd, and to compel disclosure of ancillary information relating to assets it holds.
The matter will now go through the court process, which is expected to take between four and six months.
The company said in a statement to the ASX that there is no guarantee any amount will
be awarded to Cann or funds will ultimately be recovered from the defendant through the court process.