HONG KONG, April 8 (Xinhua) -- Hong Kong-listed
conglomerate CITIC Pacific, which reported huge losses from wrong bets on
foreign exchanges last year, announced a top management reshuffle on Wednesday,
including the resignation of both the company's founding chairman Larry Yung Chi
Kin and managing director Henry Fan Hung Ling.
Hong Kong-listed conglomerate CITIC
Pacific, which reported huge losses from wrong bets on foreign exchanges
last year, announced a top management reshuffle on Wednesday, including
the resignation of both the company's founding chairman Larry Yung Chi Kin
(C) and managing director Henry Fan Hung Ling (R).(Photo: cs.com.cn,
File Photo) Photo
Gallery>>>
Yung, 67, cited in his resignation letter the "great
impact in society" of recent police investigation involving CITIC Pacific and
its directors, the company said in a statement posted on the online disclosure
platform of Hong Kong stock exchange.
"Faced with this reality, Mr. Yung believed that his
resignation would be in the best interests of the company," the statement said.
Henry Fan, the 61-year-old managing director who
founded the CITIC Pacific group with Yung in 1990, also resigned with immediate
effect on Wednesday.
Chang Zhenming, 52, currently vice chairman and
president of CITIC group, the mainland-based mother firm of CITIC Pacific, took
over as CITIC Pacific chairman and managing director.
Trading in the Hong Kong-listed shares of CITIC
Pacific, which was suspended since last Friday morning, will resume on Thursday.
Yung was born in the Chinese mainland and made his
fortune after coming to Hong Kong in 1978. He was once the richest man in the
Chinese mainland.
Larry Yung Chi Kin was born in the
Chinese mainland and made his fortune after coming to Hong Kong in 1978.
He was once the richest man in the Chinese mainland. (Photo:
thebeijingnews.com, File Photo) Photo Gallery>>>
CITIC Pacific in October disclosed losses in excess
of 15 billion HK dollars (1.9 billion U.S. dollars) from unauthorized hedging by
senior financial managers against changes in the exchange rates of Australian
dollar. Critics soon questioned whether the company made timely disclosure in
accordance with regulatory rules.
Police searched the headquarters of the company in
early April, about six months after the Securities and Futures Commission
launched an official probe into CITIC Pacific disclosed the losses from wrong
bets.
Share prices of CITIC Pacific has been extremely
volatile since the losses was announced. It was trading at 9.47 HK dollars
before the suspension last Friday. (7.8 HK dollars = 1 U.S. dollar)
HONG KONG,
Oct. 22 (Xinhua) -- The Securities and Futures Commission (SFC) of Hong Kong
confirmed here Wednesday that the commission has started investigating into the
losses of listed company Citic Pacific Limited.
"The SFC has no further statement to make at the
moment, " said a brief statement issued by SFC published on its website. Full story
