Has the Receiver been able to confirm whether or not there really is a latex glove factoring business in China?
The Defendants, through their legal representatives and court filings, claim that there is a factoring business in China operated by a company called Ya Die Technology, which is managed by a woman named Min Shi. The Defendants also claim that Min Shi is the Trustee of The Larry Osaki Family Trust in China with in excess of $1 billion in assets. Although the Receiver has spoken to and communicated with someone who identified herself as Min Shi, neither the Receiver nor the SEC has been able to confirm whether Ya Die Technology is a functioning company, whether Ya Die Technology is in the factoring business, or whether any trust, as claimed by Larry Osaki and Min Shi, actually exists or has any assets. Copies of the communications and court pleadings relating to Ya Die Technology, The Larry Osaki Family Trust and Min Shi will be posted in the Reports/Communications section of this site upon receipt of court approval to do so.
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