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Sinolink shares dive on honcho scrutiny news
By Hu Yuanyuan (China Daily)
Updated: 2009-05-15 08:04 The shares of Sinolink Securities Co suffered the biggest fall in three weeks after its chairman Lei Bo was put under government investigation for 'personal reasons'.
According to Sinolink's statement to the Shanghai bourse on Wednesday night, Wang Jinyong, vice-president of the company, will take charge of Lei's responsibilities for the time being.
An industry insider said the investigation probably had something to do with Wang Yi, a former vice-chairman of the China Securities Regulatory Commission and former vice-president of China Development Bank. Wang was stripped of his Communist Party membership and all official posts for taking bribes, Xinhua News Agency said on Feb 4, citing the Party's disciplinary body. He also took advantage of his posts to help relatives' businesses and may face criminal charges, the Xinhua report said. The 51-year-old Lei was previously secretary to Wang, according to a report in Caijing Magazine. He is not the first top executive at a security firm to be investigated for alleged links to Wang. Xiao Shiqing, the former president of China Galaxy Securities, has also been linked to the bribery scandal involving Wang Yi, according to Caijing Magazine. (For more biz stories, please visit Industries)
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