Shares in EganaGoldpfeil Holdings, a Hong Kong-listed watch and jewellery manufacturer, slumped by more than 48 per cent yesterday after the company's accounts were questioned by a stock commentator.
EganaGoldpfeil shares closed at HK$2.74, after falling more than 57 per cent this week after one of the company directors came under investigation by the Independent Commission Against Corruption, the city's anti-corruption watchdog.
David Wong Wai-kwong, an EganaGoldpfeil director, allegedly conspired to defraud shareholders of Grand Field Group Holdings when he was an independent non-executive director of Upbest Group.
He and five others charged would appear in court on October 25, the commission said this week.
Wong yesterday told a press conference after the market closed that 'the company denied any charge of accounting fraud' and confirmed that EganaGoldpfeil had no business relationship with Grand Field Group.
'I am under ICAC investigation because I provided several financial consultant services to Grand Field Group during 2003, when I was employed by an accounting firm,' Wong said.