Signage is displayed at the Hong Kong Independent Commission Against Corruption (ICAC) headquarters … [+]
The deputy chief financial officer of the tobacco flavorings flagship business of Hong Kong Billionaire Chu Lam Yiu was released on bail on Thursday without charges a day after her arrest in a corruption probe, according to a Hong Kong Stock Exchange filing.
Choy Man Har, an executive director and deputy chief financial officer at Huabao International Holdings, was arrested for investigation by the Independent Commission Against Corruption of Hong Kong in connection with offenses under the Prevention of Bribery Ordinance, Crimes Ordinance and the Organized and Serious Crimes Ordinance, Huabao said on July 5.
The ICAC conducted a search at Huabao’s business offices in Hong Kong during which the company “provided certain files and records for the purpose of an ICAC investigation,” Huabao said. Huabao’s board had “been informed” that Choy was arrested for investigation.
In a statement on Thursday evening, Huabao said it “has been informed that Ms. Choy has been released on bail without any charge laid against her.” The company “will monitor this matter and take necessary legal advice as appropriate.”
Huabao said earlier this week that Chu, Huabao’s billionaire co-chair, had been released from “residential surveillance at a designated location” by police in the central Chinese city of Chongqing.
Dubbed “China’s vaping queen,” Chu was placed under surveillance there in January and earlier faced restrictions elsewhere. Reportedly born in Sichuan, Chu holds Hong Kong citizenship, founded Huabao in 1996, and took it public in Hong Kong through a “backdoor listing” a decade later. The listed company was previously known as Leaptek.
Huabao’s shares plunged 12.7% in Hong Kong trade yesterday; they’ve lost 54% of their value in the past 12 months.
Chu is worth $2 billion on the Forbes Real-Time Billionaires List today.
See related posts:
Chinese “Signals” Will Boost The Country’s Anemic Private Sector Investment — Harvard Business School’s John Quelch
China’s Days As A Sole Overseas Source For U.S. Companies “Are Over” — Stephen Roach
Warren Buffett-Backed EV Maker BYD’s Sales Nearly Doubled In June
China’s “Fits And Starts” Economy Needs Private Sector Boost — Matthews Asia’s Andy Rothman
@rflannerychina
