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Cann Group commences proceeding in Hong Kong to recover missing funds.

by Marijuana Staff

Cann Group (ASX:CAN) 29 March 2021 – Commenced a civil proceeding in the High Court of the Hong Kong Special Administrative Region against Er Ya Trade Ltd, a company incorporated in Hong Kong,  seeking recovery of EUR2.25m (approximately AU$3.47m).

This sum relates to the amount that was the subject of the cyber security incident, announced to the market by Cann on 8 February 2021.

An injunction has been granted to freeze certain assets of the Defendant and to compel disclosure of ancillary information relating to assets held by it.

Cann estimates the legal process is likely to take between four and six months.

There is no guarantee that any amount will be awarded or funds recovered from the Defendant through this process, but Cann assured shareholders that it will provide further updates as material events in the proceeding arise.

Source 29/03/20212:39 pm.

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