Tankers unfinished in Yangzijiang structure dock
Shares in Chinese shipbuilder Yangzijiang Shipbuilding Holdings Ltd dropped 17.3% on the Singapore stock market today after the business exposed in a declaring that its Executive Chairman as well as regulating investor Ren Yuanlin “is currently assisting in a confidential investigation carried out by certain PRC governmental authorities”
“Until August 8 2019,” claims the declaring “Mr Ren Yuanlin had actually remained to have a decision-making duty in regard of significant issues of the business, including his current authorization of the unaudited monetary outcomes of the Group for the 2nd quarter finished June 2019 that was launched on August 5, 2019.
“Beginning August 9, 2019,Mr Ren Yuanlin has actually been given a sabbatical by the Board to concentrate on theInvestigation Mr Ren Letian, Chief Executive Officer of the Group as well as alternating supervisor to Mr Ren Yuanlin, will certainly think Mr Ren Yuanlin’s duty as a Director in Mr Ren Yuanlin’s lack. The purpose of the sabbatical is to quicken the conclusion of the Investigation to make sure that he might resume his permanent responsibilities with the Group asap.
“Based on the Board’s due enquiries as well as the legal advice sought by the Board, as of the date of this announcement, the Board confirms that to the best of its knowledge, the following: (i) that none of Mr. Ren Yuanlin, any of the other Directors (being Mr. Teo Yi Dar, Mr. Xu Wen Jiong, and Mr. Chen Timothy Teck Leng), any of the Group’s executive officers (being Mr. Ren Letian, Mr. Wang Jiansheng, Mr. Wang Dong, Mr. Xiang Jianjun, Mr. Du Chengzhong and Ms. Liu Hua), or any company in the Group, are the subject matter of the Investigation; (ii) that none of the Directors (other than Mr. Ren Yuanlin) and that none of the Group’s executive officers has been requested by any PRC governmental authorities to assist with or to be involved in the Investigation; (iii) that the businesses and operations of the Group are unaffected by the Investigation and Mr. Ren Yuanlin’s leave of absence and it is business as usual for the Group’s businesses and operations; and (iv) that Jingjiang Runyuan Rural Micro-finance Co., Ltd., a company in the Group, continues to operate its financing business and it is business as usual for the Group’s financing division.”
