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  1. Citic Pacific shares plunge over iron ore project in Australia

    Posted May 13th 2010, 12:00am by Kandy Wong

    ... Kandy Wong Shares of Citic Pacific fell 5.07 per cent yesterday to HK$14.22 after it announced an additional payment of US$835 million for an iron ore project in Western Australia. ... China, the world's largest iron ore consumer, imported 155.03 million tonnes of iron ore in the first quarter, up 18 per cent year-on-year. When Citic Pacific signed the original agreement ...

  2. HKEx suspends probe of Citic Pacific

    Posted Nov 11th 2010, 12:00am by Eric Ng

    ... Eric Ng Hong Kong Exchanges and Clearing has suspended its investigation into whether state-backed conglomerate Citic Pacific breached listing rules when it disclosed share-price-sensitive information related to its currency bets in 2008, Secretary for Financial Services and the Treasury Chan Ka-keung tells the Legislative Council. The move is to avoid duplicating an investigation ...

  3. Citic Pacific's first-half earnings nearly double

    Posted Aug 19th 2010, 12:00am by Kandy Wong

    ... Kandy Wong State-backed conglomerate Citic Pacific almost doubled its first-half earnings as the company continued to divest non-core businesses in a restructuring that was directed ... demand for special steel, Citic Pacific recorded a net profit of HK$4.88 billion in the first six months, an increase of 97.9 per cent on the previous year. Earnings per share rose to HK$1.34 ...

  4. Small shareholder lays legal battle over Citic Pacific losses to rest

    Posted Mar 16th 2010, 12:00am by Kandy Wong

    ... Kandy Wong The failed legal battle by smaller shareholders of Citic Pacific over the company's huge currency losses in 2008 finally ended yesterday, with the last investor withdrawing ... the compensation sought. Wong was the last of three small shareholders to withdraw her claim against former chairman of Citic Pacific Larry Yung Chi-kin. The other two- Joseph Leung and So Wai-ching- ...

  5. Citic Pacific swings back with strong earnings

    Posted Mar 11th 2010, 12:00am by Eric Ng

    ... Eric Ng Citic Pacific is back in the black after huge losses in 2008, but the company continues to lose top executives amid a police investigation into the HK$14.6 billion deficit from ... Sixty-three-year-old Vernon Moore is the only executive director left who has been with Citic Pacific since 1990. Yung gradually cut his stake in Citic Pacific from 23.6 per cent in June 2008 to 9.88 per cent ...

  6. Probe on Citic bets still unfinished

    Posted Jun 24th 2010, 12:00am by Enoch Yiu

    ... Enoch Yiu Hong Kong police have not finished a probe into Citic Pacific's unauthorised currency bets in October 2008 because of the huge amount of documents involved, according ... volume of documents and computer evidence. Citic Pacific and the directors claimed legal professional privilege in respect of the documents seized and the claim is currently being litigated ...

  7. Why one sixtysomething can skip court date but another can't

    Posted Jan 06th 2010, 12:00am by Staff Reporter

    ... Loretta Fong What's the difference between sixtysomething former Citic Pacific chairman Larry Yung Chi-kin and the sexagenarian investors seeking compensation from him ... bets. The plaintiffs are seeking compensation of HK$115,516 from Yung for the losses they suffered when Citic Pacific lost billions of dollars on the wrong-way currency bets. The third claimant ...

  8. Yung criticised over Hainan land buy

    Posted May 15th 2010, 12:00am by Toh Han Shih

    ... Toh Han Shih Former Citic Pacific chairman Larry Yung Chi-kin is under fire over a controversial Hainan Island deal involving the sale of land by the local government to one of the tycoon's private firms at below market prices. At Citic's annual general meeting and press conference yesterday, Citic Pacific chairman Chang Zhenming denied the conglomerate had done any ...

  9. Investors give up Yung claims

    Posted Jan 26th 2010, 12:00am by Kandy Wong

    ... Kandy Wong Small shareholders fighting former Citic Pacific chairman Larry Yung Chi-kin over investments losses in the conglomerate have given up their battle after being notified ... and consumer claims. The claimants- Joseph Leung, So Wai-ching and Wong Kam-wan- were seeking compensation of HK$115,516 from Yung. They claimed they lost money when they sold shares of Citic Pacific ...

  10. Citic document haul delays probe

    Posted Jun 30th 2010, 12:00am by Joyce Man

    ... Joyce Man More than 100 boxes of documents and 550,000 computer files were seized by police when they searched the offices of Citic Pacific in an investigation into losses of about HK$15.5 billion from unauthorised currency bets in 2008. The scale of the seizure was revealed by lawyers for the Department of Justice, the police and Citic Pacific yesterday in the Court of First ...




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