CITIC Pacific Chairman Larry Yung Chi Kin outgoing

Document Sample
CITIC Pacific Chairman Larry Yung Chi Kin outgoing Powered By Docstoc
					CITIC Pacific Chairman Larry Yung Chi Kin outgoing
Managing Director Henry Fan took over with the resignation of Chang Zhenming
President and General Manager of CITIC Pacific

Trainee reporter Lin ZHENG Chinese Commercial News reporter Guo Jiuwei
   Since the outbreak last year after the huge loss of foreign exchange contracts, Citic
Pacific Chairman Larry Yung has been a cusp in the figures, but regardless of how
things evolve, Larry Yung, chairman of the throne has never wavered. Until the recent
drastic changes, the Hong Kong Police involved in investigating an already died down
again CITIC Pacific storm into people's gaze, but suddenly yesterday the
company issued a bulletin called "Tumbler" Larry Yung, the
company announced that the outgoing chairman.
   CITIC Pacific announcement show, Larry Yung said in his resignation letter,
because commercial Crime Bureau on April 3 issued a search order requires Gong Si
and directors of information in the community had a significant impact. The face of
this reality, Yung think Tuiweirangxian the best interests of the company.
   Submitted his resignation together with Larry Yung was also Managing Director
Henry Fan Company, both founded in 1990 with the CITIC Pacific Group, has been
working together nearly 20 years.
   Before April 6, CITIC Pacific's announcement, the Hong Kong Police
Force's Commercial Crime Bureau, according to a search warrant, require
the company to its 19 directors and former directors assist in the investigation, but
police have not made the company any prosecution or arrest. Related investigations,
including: 2007 and 2008 entered into foreign exchange contracts, and from July 1,
2007 to March 16, 2009 release issued to provide certain information, to investigate
whether company directors made false statements and conspiracy to defraud
   CITIC Pacific was news that the Hong Kong police investigation, although the
company said it would not be a significant impact on daily operations, but the original
seems to have been calm within the storm in this resurgence of CITIC Pacific.
According to Hong Kong media reports, police went on to expand the scope of the
search to the employees home, and the company also issued an internal notice
requiring employees to cooperate.
   Drastic changes under market rumors already precarious position of Chairman
Larry Yung, CITIC Group has decided to change management, and general manager
of CITIC Chang Zhenming arrive ready to clean up the mess. In response, companies
declare emergency personnel changes in the false rumors, Yung still work, but
yesterday's incident proved that these remarks only to play a stabilizing
role in people's minds.
   According to the company notice, take over the post of Chairman Larry Yung Chi
Kin is the former Vice Chairman and General Manager of the CITIC Group, Chang
Chun Ming, he took over as general manager of CITIC Pacific. The choice also before
the market rumors and media reports related to coincide. Notice shows Chang
Zhenming holds an MBA from New York College of Insurance, has 20 years of
banking, finance and securities industry experience.
   Information also showed that Chang Zhenming or chess master, won the title of the
Chinese Ki of 7. It is reported that in 1979, Chang Zhenming was the first
"New Sports Cup" Go Army last season, this one championship
is Nie Weiping, runner-up is Chen Zude. So, the next "master"
Chang Zhenming can they help CITIC Pacific plate to overcome this moment
"critical situation" Well, this one may wish to wait and see.

Shared By: