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Director of suspended China Essence quits after one month on job

Tuesday, September 8, 2015 - 22:02

CHINA Essence executive director Stephen Chow has resigned one month after being appointed, as the company faces questions about unauthorised transfers of shareholdings in its subsidiaries.

Mr Chow, who was appointed on Aug 3 and tasked to oversee corporate development and mergers and acquisitions, left on Monday "due to other business involvement", the potato processor announced on Tuesday after the market closed.

Mr Chow's departure comes in the wake of revelations that former executive chairman and chief executive Zhao Libin had allegedly admitted to transferring the shareholding of at least two subsidiaries in China to certain individuals in April 2015. Those transactions were discovered by Moore Stephens, China Essence's auditor.

Trading in China Essence stock has been suspended while the board of directors seeks to gather more information and advice.

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