Page 11 - Aruba Today
P. 11
WORLD NEWS A11
Thursday 26 November 2015
Vanishing China execs a vexatious mystery for HK market
KELVIN CHAN declined further comment. executives this year: why. away, without disclosing
Associated Press Such cases would be highly — Waste disposal compa- — Shopping mall and de- further details.
HONG KONG (AP) — The unusual for other global fi- ny Dongjiang Environmen- partment store operator — China Aircraft Leasing
chairman of the Hong Kong nancial centers, but have tal Co. last month suspend- Century Ginwa Retail Hold- Group said in June it was
arm of one of China’s big- become commonplace ed its shares from trading ings said in September that not able to reach its CEO,
gest securities companies in Hong Kong, where the because it couldn’t reach its chairman, Wu Yijian, who Mike Poon, after he sub-
goes missing. The head of city’s stock exchange al- Chairman Zhang Weiyang went missing in mid-May, mitted his resignation while
another firm resurfaces af- lows international investors before a scheduled board had resurfaced and gone he was in the middle of his
ter months incommunica- to access an increasing annual vacation. The com-
do. An executive at a film number of mainland Chi- In this Nov. 4, 2015 photo, Yim Fung, chairman and chief execu- pany said Poon didn’t give
studio is detained for alleg- nese companies. tive of Guotai Junan International Holdings Ltd., the Hong Kong any reason for his depar-
edly taking bribes. They highlight some unit of a Chinese securities company, attends an event in Hong ture in his resignation letter.
They’re not plot outlines for of the risks of investing Kong. The company said it was unable to reach Yim since Nov. Nor did he make any ref-
crime novels but real life in China’s public compa- 18, 2015, sending its shares plummeting 12 percent. Speculation erence to news reports in
cases lifted from the nor- nies, which operate in an swirled in local media that his disappearance was related to a Hong Kong and mainland
mally dry Hong Kong stock opaque political and legal recently launched investigation into a senior official at China’s Chinese that said he might
exchange filings of Chinese system, and face addition- securities regulator. be caught up in a Chinese
companies over the past al uncertainty because of government investigation
year. President Xi Jinping’s ongo- (Apple Daily via AP) into China Southern Air-
The latest example came ing and wide-ranging as- lines, which is a customer
Monday when Guotai Ju- sault on corruption. meeting. The company back to work. He explained of China Aircraft Leasing.
nan International Holdings “It shows on one level that said it later found out from to the company that he Aside from disappearing
Ltd., the Hong Kong unit of investing in some of these Zhang’s family that he was was “assisting the relevant executives, much more
a Chinese securities com- companies is quite risky,” being investigated “by the department” of the Chi- clear-cut announcements
pany, said it was unable said Jamie Allen, secre- relevant authority” in Chi- nese government with an of alleged wrongdoing are
to reach its chairman and tary general of the Asian na, although it didn’t say investigation while he was a recurring theme at Hong
chief executive Yim Fung Corporate Governance Kong-listed Chinese com-
since Nov. 18, sending its Association. “It also says a panies.
shares plummeting 12 per- lot about the legal and po- Among the slew of cases
cent. litical system in China. Chi- this year, Alibaba Pictures
Speculation swirled in lo- na doesn’t have a system Group Ltd., the film arm of
cal media that his disap- of law like Hong Kong. the Chinese e-commerce
pearance was related to a In China you can disap- giant, said one of its direc-
recently launched investi- pear.” tors, Patrick Liu Chunning,
gation into a senior official Hong Kong is a former Brit- was detained by the Public
at China’s securities regu- ish colony that’s now a spe- Security Bureau in connec-
lator. That probe is part of cially administered Chinese tion with an investigation
a broad crackdown on region with legal and finan- into the “alleged receipt of
the finance industry follow- cial systems that are sepa- bribes” while Liu worked at
ing China’s stock market rate from mainland Chi- Internet company Tencent
meltdown over the sum- na’s. Holdings. The company
mer. The company said it Among the Hong Kong- said the charges were un-
would appoint temporary listed Chinese companies related to his employment
replacements for Yim but that have reported missing at Alibaba. q
India soldiers kill 3 rebels who attack army camp in Kashmir
AIJAZ HUSSAIN place close to the heavily gar. The camp houses the There also was no confir- competing claims to Kash-
Associated Press militarized line of control di- Indian army’s headquarters mation of an earlier report mir since they won inde-
SRINAGAR, India (AP) — viding Kashmir between In- in the frontier region. that an oil depot inside the pendence from Britain in
Three heavily armed rebels dia and Pakistan, said an- A reinforcement of army camp had caught fire dur- 1947, and each country
stormed an army camp in other officer, who spoke commandos led the coun- ing the incident. administers part of the re-
the Indian portion of Kash- on condition of anonymity terassault, and the intense Rebels have been fighting gion.
mir on Wednesday and because he was not autho- exchange of gunfire left against Indian rule since India accuses Pakistan of
were killed in a fierce gun- rized to talk to reporters. some barracks and a vehi- 1989. arming and funding the
battle with soldiers, the He said the militants used cle on fire, the officer said. More than 68,000 people rebels. Islamabad denies
army said. grenades and gunfire to There was no independent have been killed in the up- the accusation and says
A civilian worker with the attack the camp, located confirmation of the inci- rising and Indian military it provides only moral and
army also was killed and an about 150 kilometers (95 dent. No rebel group fight- crackdown. diplomatic support to
army officer was wounded miles) northwest of Indian ing Indian rule immediately India and Pakistan have separatists.q
in the fighting, which took Kashmir’s main city of Srina- issued any statement. fought two wars over their
