Vita Life Sciences de-lists

Reeling under a double-whammy from an allegedly fraudulent former employee and the collapse of supplier Pan Pahramaceuticals, beleaguered nutraceutical Vita Life Sciences had delisted from the ASX.

“We have had holding locks on shares for a long time now, and the ASX instructed that the company could only do that if we had a court injunction,” commented finance manager Watson Lee. “We didn’t want to apply for a court injunction because that would expose all the evidence we have in our case against (former managing director) and it would probably be compromised,” he added.

Vita is claiming over $20 million from former managing director, Pang Meng Seng, who is alleged to have masterminded fraudulent sales and invoicing within Vita’s extensive health food and supplements businesses in Singapore and Malaysia.

“We didn’t want to win the battle and lose the war, so we de-listed as required under the ASX Rule 8.1, and will preserve our evidence instead,” said Lee.

The court case against Pang is due to be heard later this year, and Lee asserted that the delisting action was taken only to preserve the integrity of the company as a going concern. Vita has not been trading on the ASX since last March.

However, the removal of Vita’s major supplier, Pan Pharmaceuticals, from the TGA list was a second blow for the company.

“I guess you could say the timing with the Pan shutdown was as wrong as it could get,” added Lee. “But we are still trading normally, and are confident we shall do well in the court case,” he added.

Vita’s main asset now would seem to be Techenegas, a diagnostic aid for lung disease, with the potential for deep vein thrombosis (DVT) diagnostic capability too.