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Debao executive chairman asked to help in legal probes on Chinese official
PROPERTY developer Debao Property Development said late Tuesday night that its executive chairman and CEO Yuan Le Sheng has been asked by the Chinese courts to assist in legal investigations on an unnamed Chinese official.
The investigations are being conducted by the People's Procuratorate of Nanhai District in Foshan city, Guangdong province, Debao said.
Procuratorates are courts that investigate and prosecute crime, notably corruption and bribery.
"The procuratorate has not disclosed to the company any further details on the investigations," Debao said.
Mr Yuan's 25-year-old son, Yuan Jiajun, has been appointed as the alternate director to his father.
"As such, the business and operations of the group are not affected by the investigations and will continue as normal," the company said.
Debao last traded at S$0.24.