Ying Li group CEO detained in China in bribery probe
Add BT as a preferred sourceYING Li International Real Estate's group chief executive officer (CEO) and executive director, Hu Bing, has been detained by the authorities in Beijing due to his "involvement in suspected bribery", the mainboard-listed firm said in a regulatory filing on Monday morning.
The company's Chinese legal counsel will be following up with the Beijing Municipal Public Security Bureau to ascertain more information regarding the investigations.
Insofar as the board is aware, this matter is not related to the day-to-day operations of the company or the group, and should not materially affect its normal business and operations, Ying Li said.
As at Dec 7, the investigations are still ongoing and Mr Hu shall cease as group CEO, executive director, and a nominating committee member of the company with immediate effect.
In the interim, the group CEO's duties will be undertaken by Yang Haishan, a non-executive and non-independent director of the firm, Ying Li noted.
As at 9.42am on Monday, Ying Li shares were trading at 7.2 Singapore cents, down 0.6 cent or 7.7 per cent.
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