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China Huarong shares halted as chairman investigated for suspected graft

China Huarong shares halted as chairman investigated for suspected graft© Reuters. FILE PHOTO – Logos of China Huarong Asset Management Co are seen during a finance expo in Beijing

HONG KONG (Reuters) – Trading in shares of China Huarong Asset Management Co Ltd (HK:) and two of its units were suspended on Wednesday after Beijing said it was investigating the chairman of the country’s biggest manager of distressed assets for suspected graft.

The Central Commission for Discipline Inspection said late on Tuesday it was investigating Huarong Chairman Lai Xiaomin for suspected “serious discipline violations”, a euphemism for graft, making him the latest in a string of high-profile financial executives targeted.

Shares of China Huarong Asset Management, which has a market value of HK$124 billion ($15.8 billion), Huarong Investment Stock Corp Ltd (HK:) and Huarong International Financial Holdings Ltd (HK:), were halted pending statements, the companies said in statements to the stock exchange.

They gave no further details. Huarong Asset Management declined to comment when contacted by Reuters.

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Source: Investing.com

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