Reshuffle follows ICAC arrests
China Conservational Power Holdings has reshuffled its board after three members were arrested then released on bail in relation to a corruption probe.
The incineration waste power firm yesterday said chairman Abba Chan Tat-chee and executive directors Hon Ming-kong and Lee Yu-leung had relinquished their executive roles to become non-executive directors.
Non-executive director Steve Loo Chung-keung took over from Mr Chan, while executive director Lin Hoi-kwong became chief executive.
Mr Loo, Mr Lin and Tony Kam Yiu-shing were appointed to a management committee to look after the firm's daily operations.
Mr Loo is also chairman and executive director of Hong Kong-listed car-parts maker Gorient (Holdings) and Mr Lin is a nephew of Mr Hon.
Referring to press reports in relation to the arrests of Mr Chan, Mr Hon and Mr Lee by the Independent Commission Against Corruption for alleged misappropriation of funds from listed companies, China Conservational said the management committee was reviewing the allegations and seeking legal advice.
Sources familiar with the ICAC investigation said the trio were arrested on September 29 but released on bail in relation to an ongoing investigation into alleged misappropriation of $100 million at China Conservational and another listed company with overlapping management - China Sciences Conservational Power.
The three men were among 25 people arrested in connection to the allegation.
Last week, they also stepped down as executive directors of China Sciences to take up non-executive roles.
Trading of the shares in China Conservational has been suspended since September 29 when the stock was trading at 30.5 cents.
