Citic Pacific chairman resigns
09-04-2009
The chairman of Citic Pacific, Larry Yung, and its managing director Henry Fan have both resigned, with immediate effect.
This follows controversy over a six-week delay in reporting massive losses arising from unauthorised currency bets.
The police have also been investigating the company, and raided its Wanchai headquarters last Friday.
A deputy chairman of the firm's parent, Cheng Zhenming, will take over from Mr Yung.
A company statement said that Mr Yung had indicated in his resignation letter that the Commercial Crime Bureau's raid had caused "a great impact in society."
The statement added: "Faced with this reality, Mr Yung believed that his resignation would be in the best interests of the company."
