China Resources names new chairman
Print Edition
STATE-OWNED China Resources Holdings Co has appointed Fu Yuning as chairman to replace Song Lin who is under investigation by the country’s top anti-corruption body.
Fu was formerly the executive chairman of China Merchants Group, a major shareholder of China Merchants Bank, the country’s sixth-biggest lender, and the parent of ports operator China Merchants Holdings International Co.
China Merchants Group said on its website yesterday that Fu has left his chairman’s post for another new appointment. President Li Jianhong will be charge temporarily.
The Party’s Central Commission for Discipline Inspection said the former chairman was suspected of serious violations of discipline and law after a journalist reported Song’s alleged wrongdoing to the anti-graft body.
China Resources has interests in energy, land and consumer businesses on the Chinese mainland and Hong Kong.
Following the media reports on Song’s investigation, the five listed units of China Resources have lost a total of HK$18.5 billion (US$2.4 billion) since the Hong Kong stock market resumed following an Easter holiday on Tuesday.
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