It is not every day you hear a shareholder at a company annual meeting ask if there is still an arrest warrant outstanding against one of the board members. Investment firm Regent Pacific Group has promised to answer this question within 60 days. A colourful exchange of views at the company's shareholder gathering included a debate over the merits of re-electing a director who may or may not be arrested should he ever set foot in South Korea - where Regent's key US$78 million stake in financial services company Bridge Investment Holding is located. Jim Mellon, flamboyant founder of the one-time 'vulture fund', nevertheless secured a seat on the board as a non-executive director by a 60-40 vote yesterday. Mr Mellon failed to respond to an arrest warrant arising from a November 2000 investigation into stock manipulation and irregular loan activities. It is unclear whether the Korean authorities would still like to talk to Mr Mellon. The former chairman of Regent was a no-show at yesterday's meeting. Nor did he attend the two board meetings over the past year. Mr Mellon was defiant at the time of the accusations. 'There is no case to answer and none has been made,'' he said in late November 2000. 'There is not a shred of evidence against me - no e-mails, no conversations, nothing.'' The Financial Supervisory Service in Seoul sought to question Mr Mellon about allegations that he asked Jin Seong-hyun, president of vulture-capital firm MCI Korea, to buy shares in Regent Securities. In return KoreaOnline, a financial services company 46 per cent held by Regent, would buy the shares back at a higher price. It is understood that an arrest warrant was issued against Mr Mellon in early 2001. This was extended for a year. As for this year, chief executive Jamie Gibson promised yesterday to find out and report back within 60 days. Mr Mellon, who made it on to this year's Sunday Times 'Rich List' with a fortune of #140 million (HK$1.71 billion), divides most of his time between property investments in Britain, 'socialising and his house in Ibiza', according to former director Peter Everington. Regent recorded a loss of US$7.3 million in the year to March, compared to a profit of $3.6 million in the previous year.