Mingfa chairman named in investigation by mainland Chinese anti-graft committee

Property developer appoints two senior executives as joint acting chairmen to assist Wong, who remains on the job

PUBLISHED : Thursday, 01 September, 2016, 12:19pm
UPDATED : Thursday, 01 September, 2016, 12:19pm

The chairman of property developer Mingfa Group, Wong Wun Ming – once among the top 10 billionaires in Fujian – is “cooperating” with mainland authorities on an investigation, the company said in filing to the Hong Kong stock exchange on Thursday.

Wong is cooperating with the Fujian Provincial Commission for Discipline Inspection, the Communist Party’s anti-corruption watchdog, but will remain chairman of the board and executive director, the company said.

Mingfa on Wednesday appointed two senior executives – Huang Qingzhu, the company’s chief executive officer, and Huang Lianchun, chief operating officer – as joint acting chairmen to assist Wong in his duties. Wong has been at the helm of Mingfa since November 2007.

No details were provided on Wong’s participation in the investigation, but Mingfa’s board said it considers the case unrelated to the group’s operations, reassuring stockholders that “the group is currently operating as normal”.

Trading in the company’s shares and debt securities have been suspended since April 1 following findings by independent auditor PricewaterhouseCoopers on Mingfa’s financial results for 2015. The company’s audit committee previously appointed an “independent professional advisor” to carry out investigations beginning April 11, according to earlier company stock filings.

Mingfa’s stock price last traded at HK$1.89 before being suspended.