Debt Forgiveness Agreement
Exhibit 10.13
Date: Dec
26, 2008
I, Tianfu
Li, am willing to waive the below direct debt of Korea Hyundai Light &
Electric (International) Holding Limited without any compensation. The category
is as following:
Tianfu Li
is willing to waive account receivable of amount HKD7,772,180.73, say seven
million, seven hundred and seventy two thousand, one hundred and eighty HK
dollar, seventy three cents, ended as of Dec 25, 2008, from Korea Hyundai Light
& Electric (International) Holding Limited without any
compensation.
There is
no any right and debt between Tianfu Li and Korea Hyundai Light & Electric
(International) Holding Limited from now on.
/s/ Tianfu
Li
Signature:
Tianfu Li
