Shares of listed companies under the former China National Nonferrous Metals were hit yesterday on news that its senior official stationed in Hong Kong, Fang Dacheng, had been detained in Beijing for alleged economic crimes.
Recent rumours of a number of arrests at the CNNC group, including that of Fang's, were confirmed by China Metals, the group's official magazine.
The news came on the heels of the arrest of Jin Deqin, former honorary chairman of mainland-controlled Ka Wah Bank, for alleged commercial crimes and other violations.
It is not yet known whether Fang's arrest was part of the rumoured corruption clean-up launched by Zhang Wule after his appointment to head the CNNC and then the newly created State Nonferrous Metals Industry Administration, which will oversee the industry.
In a statement issued at the Hong Kong stock exchange's request, Onfem Holdings managing director Jia Yuan said the company had not received any official confirmation about the arrest of Fang, or the accuracy of such reports in yesterday's newspapers.
The company was unable to contact Fang, he said.
