China Gas seeks mediator in board row

PUBLISHED : Thursday, 21 April, 2011, 12:00am
UPDATED : Thursday, 21 April, 2011, 12:00am


China Gas Holdings, wracked by a board row, plans to appoint one of the Big Four international accountancy firms other than its auditor, Deloitte Touche Tomatsu, to investigate allegations that joint managing director Pang Ying Xue might have engaged in undisclosed connected transactions. Investigation results are expected by the end of June. The allegations were raised by founding shareholder Hai Xia Finance Holdings, whose representatives in China Gas - chairman Li Xiao Yun and vice-chairman Xu Ying - are being ousted, subject to shareholders' approval on April 26.