Sunday, January 4, 2009

CITIC Pacific Investigated by the SFC

CITIC Pacific announced that its chairman Larry Yung Chi-kin and managing director Henry Fan Hung-ling are being investigated by the Securities and Futures Commission.

17 directors in total are being probed at the moment due to CITIC Pacific's disclosure in October that it was facing estimated losses of HK$15.5 billion from unauthorized currency trades.

Hamilton Ho Hau-hay of New World Development and directors Vernon Francis Moore and Hansen Loh Chung-hon OF CLP.

New World and CLP said they have no reason to believe that the SFC's investigation concerns, either directly or indirectly, any aspect of the affairs of their companies.

Mainland Bourses Rise in Strong Finish

After Premier Wen Jiabao's promised measures to help the steel and auto sectors, mainland shares closed up 3.29 percent.

The benchmark Shanghai Composite Index closed at 59.91 points higher at 1,880.72 on a turnover of 46.1 billion yuan.

Hong Kong share prices closed today 3.5 percent higher, buoyed by the rally in Shanghai and other strong Asian markets. The Hang Seng Index closed up 520.5 points at 15,563.31. Today's turnover was HK$49.42 billion Hong Kong.

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