The company's newly appointed executive chairman, Andrew Khoo Boo Yeow, confirmed to the Press Association that the company will close a quarter of its 160 UK stores, having already shut eight this year.
The company's claimed investment projects were found to have no profitability, resulting in a huge capital gap that prevented it from repaying investors' principal and interest. Last September, 53 people in the company were transferred for examination and prosecution.
The company said it will focus on globalization, development of intelligent offices and construction of entrepreneur towns in the future, Mao said.
The con artist said Wang was suspected of involvement in a money laundering case and would be the subject of a probe by the Shanghai Public Security Bureau. The fraudster then transferred the call to another person posing as a Shanghai policeman. That person said the case had been transferred to the procuratorate. At that point, a phony prosecutor using the name Ye Guoxin asked Wang to transfer money to him 11 times. Total sums exceeded 510,000 yuan.
The company plans to build a comprehensive musical and cultural industrial town in Lianjiang, a county-level city within Zhanjiang, to help upgrade and diversify its business.
The company, however, gradually shifted to an intensive one and stuck to building an ecological plant with the state-of-art technology.
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The company plans to expand the new format in the future across high-traffic areas, including business and transportation hubs as well as new cities in China.
The company seeks to become more agile in a competitive market, but the cut play out against the economic slowdown caused by the coronavirus pandemic that has forced many to postpone new investments.
The company will replace the ground straps of the affected vehicles free of charge to eliminate safety risks, it said.
The company lost 292 million and 525 million yuan in 2016 and 2017, respectively, while 2018's 3.95 billion operating loss is eight times that of 2017.