Brief: Applied Development Updates On Investigation By Hong Kong's ICAC Against A Director Of Co

Novautek Technologies

10/06/2020 15:27

June 10 (Reuters) - Applied Development Holdings Ltd
 0519.HK :

    * UPDATES ON INVESTIGATION BY INDEPENDENT COMMISSION AGAINST
CORRUPTION OF HONG KONG AGAINST A DIRECTOR OF CO
    * INFORMED THAT THE EXEC DIRECTOR & CEO OF CO IS CURRENTLY
ASSISTING IN INVESTIGATION
    * INVESTIGATION IS RELATING TO CEO'S ALLEGED OFFENCE OR
OFFENCES
UNDER PREVENTION OF BRIBERY ORDINANCE
    * CEO CONFIRMS THAT AS AT JUNE 10, HE HAS NOT BEEN CHARGED
BY ICAC
FOR ANY OFFENCES
    * ALL ADMINISTRATIVE AND EXECUTIVE DUTIES OF THE CEO HAVE
BEEN
SUSPENDED
    * WU IS ACTING AS ACTING CEO TO FILL VACANCY ARISING FROM
SUSPENSION OF PREVIOUS CEO'S DUTIES
    * BOARD IS NOW TAKING STEPS TO IDENTIFY SUITABLE CANDIDATES
TO ACT
AS EXECUTIVE DIRECTOR AND CEO
    * WU ZHANMING REDESIGNATED AS ACTING CEO

Source text for Eikon:  ID:nHKSx9L3d 
Further company coverage:  0519.HK 

 ((Reuters.Briefs@thomsonreuters.com;))