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Langi Chiang

Citic shares opened down 4.5 per cent at HK$14.12 on Friday after the Securities and Futures Commission on Thursday filed a lawsuit against the Chinese state-backed conglomerate and five former directors.
The commission is seeking HK$1.9 billion in compensation for 4,500 investors who the regulator says suffered losses due to the firm’s failure to report massive foreign-exchange trading losses in 2008.
In a filing with the Hong Kong stock exchange on Friday, Citic said: “The company is in the process of considering the [commission’s] allegations and claim, and seeking legal advice.”


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Citic

Citic shares down 4.5pc after SFC legal action

The SFC is seeking HK$1.9 billion in compensation from Citic for 4,500 investors said to have suffered losses due to the firm’s failure to report massive foreign-exchange trading losses in 2008. Photo: Bloomberg

SFC launches legal action against Citic to demand compensation for investors

Former bosses Larry Yung (left) and Henry Fan. Photos: Reuters

Former bosses Henry Fan (right) and Larry Yung. Photos: Reuters

Citic’s interim core profit flat, supported by earnings from property development

Net loss from Citic’s much-delayed and over-budget US$10 billion Australian iron ore mining and processing project widened by 1.2 per cent from the first half of last year. Photo: Reuters

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