Yorkshine boss removed after independent review of 2017 transactions

YORKSHINE Holdings said on Friday that Chow Kin Wa, the group's executive chairman and CEO, has been removed following an investigation into the group's conduct relating to the trading and distribution of iron ore, coal and steel products.

Last year, Yorkshine began an independent review into the facts and circumstances surrounding some of the company's sales and purchase agreements, as well as the veracity and impact on the group's 2017 financial statements.

PricewaterhouseCoopers Consulting has since completed the review, and a 30-page report was released to shareholders on Jan 19.

The Yorkshine board said that it is removing Mr Chow from his duties after PwC identified him as a person involved in the issues.

Despite repeated requests by the company, Mr Chow had also failed to cooperate and provide the company with access to all the requested books and records of certain subsidiaries where he was one of the directors, Yorkshine said.

Trading of Yorkshine shares remains suspended.