SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): July 13, 2011
EFT HOLDINGS, INC.
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(Name of Small Business Issuer in its charter)
Nevada 000-53730 20-1211204
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(State of incorporation) (Commission File No.) (IRS Employer
Identification No.)
17800 Castleton St., Suite 300
City of Industry, CA 91748
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(Address of principal executive offices, including Zip Code)
Registrant's telephone number, including area code: (626) 581-3335
N/A
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(Former name or former address if changed since last report)
Check appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below)
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-14(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement
In June 2011 the Company entered into agreements to purchase an office
building located in Taipei, Taiwan. The office building is under construction
and will be completed by the end of 2013. The total purchase price for the
office building, which consists of 14 floors and 144 parking spaces, is
approximately $248 million. The Company has made payments of $21 million toward
the purchase price as of August 25, 2011.
Item 5.02 Departure of Directors or Certain Officers
On July 13, 2011 Jeffrey Cheung, the Company's Secretary and a director,
resigned. Mr. Cheung resigned due to a disagreement he had with the Company's
President, Jack Jie Qin, concerning the Company's agreement to purchase the
office building referred to in Item 1.01 above. The agreements relating to the
purchase of office building were signed, on behalf of the Company, by Mr. Qin as
the Company's Chief Executive Officer. As of the date of this filing the
Company's directors have not approved the purchase of the building.
Mr. Cheung resigned since the Company's directors did not approve the
purchase and, in his opinion, the Company cannot afford to purchase the office
building.
Effective August 30, 2011, Mr. Cheung will resign as the Company's
Principal Financial and Accounting Officer. Mr. Cheung's resignation from these
positions is due to the disagreement mentioned above.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: August 26, 2011 EFT HOLDINGS, INC.
By: /s/ Pyng Soon
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Pyng Soon, Authorized Officer
