Albion shareholders to launch legal action on WBA Group and director Xu Ke

Shareholders for Albion (S4A) set Group sole director Ke (Ken) a final deadline of Tuesday, 4pm, to satisfy "matters of extreme concern" in both the Group and club financial matters, overseen by absent controlling shareholder Guochuan Lai.

S4A chiefs previously revealed they have explored options into the matter and have now confirmed, via a media statement, they will press ahead with legal and regulatory actions, though these remain undisclosed due to sensitive and legal reasons.

The statement reveals the group, who represent most of the club's minority shareholders, will call a general meeting for shareholders as they engage in their next steps after "shareholders and part-owners are being prevented from scrutinising accounts of Group and club. Xu Ke has failed to credibly explain and defend his actions."

It also claims that Ken "misled shareholders" on the record on three occasions relating to assurances money had not left the club. It later emerged last summer in the delayed accounts to June 2021 that controlling shareholder Lai had taken a £5million loan from Albion to aid one of his other business interests, Wisdom Smart Corporation Ltd.

The group have conveyed their "significant concern" on last week's news that chief executive Ron Gourlay, with whom they had a strong relationship, has tendered his resignation. It adds doubt that Albion could attract a replacement CEO "of the required experience and capability."

S4A's statement read: “Shareholders for Albion have been left with no choice but to take all legal and regulatory action necessary at this time to protect the future of our football club and prevent further misuse of the football club's money.