HK's BEA slumps, chairman says CaixaBank allegations "unfounded"

Hongkong and Shanghai Hotels

23/10/2018 06:25

** Shares of Bank of East Asia  0023.HK  (BEA) fall 3.4 pct
to HK$25.35, the lowest since March 2, 2016
    ** The Hongkong and Shanghai Hotels Ltd  0045.HK  says its
independent non-executive director David Li, who is also the
chairman of BEA, is not involved in the group's day-to-day
business and an investigation by a Spanish court will not have
any impact on the firm (https://bit.ly/2D0fYWW)
    ** Shares of the hotel operator slide 0.6 pct  
    ** The Hong Kong-based bank said last week that the National
Court in Madrid opened a criminal investigation in relation to
certain transactions undertaken by CaixaBank  CABK.MC  (https://bit.ly/2Anug1i)
    ** BEA says the investigation has been brought against
CaixaBank and others including David Li and Isidro Fainé Casas,
who are BEA's executive chairman and non-executive director,
respectively 
    ** Spain's High Court will investigate CaixaBank for alleged
irregular practices surrounding its 2017 purchase of Portugal's
Banco BPI, court documents show, after a lawsuit was brought
against the lender by two shareholders  urn:newsml:reuters.com:*:nL8N1WK2XE
    ** BEA says Li and Fainé resigned as directors of CaixaBank
in October 2014 and in June 2016, respectively, and they
consider the allegations to be "unfounded and without merit"
    ** BEA shares have fallen 28.5 pct from a recent peak in Feb
2018
    ** The Hong Kong benchmark index  .HSI  falls 2.2 pct

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)