Three held in HKMEx probe as chairman Barry Cheung takes leave
Barry Cheung, chairman of the failed trading platform and a key political ally of CY Leung, takes an immediate leave of absence
Police arrested three men yesterday as they began investigating the failed Hong Kong Mercantile Exchange set up by executive councillor Barry Cheung Chun-yuen, who said he was taking an immediate leave of absence.
The commercial crime bureau made the arrests after it was asked by the Securities and Futures Commission (SFC) to take over its probe into the affairs of the exchange, which closed at the weekend after running into financial problems. The SFC said its initial investigations had revealed "the suspected irregularities are serious ones".
I am confident that the regulatory and the law enforcement bodies will act impartially without fear or favour. As the chief executive, I should not comment and would not interfere with their work
Two 50-year-old men were arrested for possession of false documents. A 55-year old man, surnamed Dai, was arrested for "using a false instrument". They were not exchange employees.
Police were seen taking away computers from the exchange's office at Cyperport at about 9pm.
In a statement, Cheung said: "The Mercantile Exchange and I will fully co-operate with police in the probe."
He said he had asked Chief Executive Leung Chun-ying to allow him to take a leave of absence from his public duties and his request had been approved.
"During the investigation, I believe I am no longer suitable to carry out my public duties."