China Huarong shares halted as chairman investigated for suspected graft

XinKong International Capital Holdings

18/04/2018 03:39

HONG KONG, April 18 (Reuters) - Trading in shares of China
Huarong Asset Management Co Ltd  2799.HK  and two of its units
were suspended on Wednesday after Beijing said it was
investigating the chairman of the country's biggest manager of
distressed assets for suspected graft. 
    The Central Commission for Discipline Inspection said late
on Tuesday it was investigating Huarong Chairman Lai Xiaomin for
suspected "serious discipline violations", a euphemism for
graft, making him the latest in a string of high-profile
financial executives targeted.  urn:newsml:reuters.com:*:nL3N1RU4Y7
    Shares of China Huarong Asset Management, which has a market
value of HK$124 billion ($15.8 billion), Huarong Investment
Stock Corp Ltd  2277.HK  and Huarong International Financial
Holdings Ltd  0993.HK , were halted pending statements, the
companies said in statements to the stock exchange. 
    They gave no further details. Huarong Asset Management
declined to comment when contacted by Reuters. 
 ($1 = 7.8499 Hong Kong dollars)

 (Reporting by Donny Kwok; Editing by Anne Marie Roantree and
Himani Sarkar)
 ((donny.kwok@thomsonreuters.com; +852 2843 6470; Reuters
Messaging: donny.kwok.reuters.com@reuters.net))