The company announced the hive off of their recently announced British technology acquisitions, which would have seen a number of British-based directors assume control of CityView.

A statement released by the company this week said 'the Board has decided not to proceed with the proposed acquisition of the high technology companies which were referred to in CityView's announcement of 12 February 2002."

The executives behind that deal, including proposed chief executive, Bill Shotton, have arranged a management buyout of CityView Corporation (UK), which was acquired to house the acquisitions.

In this latest twist, Singapore money in the form of one of CityView's drilling partners in Indonesia, Falcon Oil Pte, was injected into the company in exchange for almost 20% of the register, and appointed Mr Roland Goh, Mr Thinagaran and Mr Eddie Ee as directors.

Falcon is a Singaporean energy company with interests in substantial oil and gas producing fields in south east Asia.

The only technology interests CityView has in its portfolio now is a loan to SandsSolutions.com, which it is looking to convert into equity and an interest in the former Mintech business, now in liquidation.