Yangzijiang chairman takes leave to assist with Chinese government investigation


Yangzijiang Shipbuilding’s executive chairman Ren Yuanlin has taken a leave of absence to assist Chinese authorities in a “confidential investigation”, the company stated.

The share price of Singapore-listed Yangzijiang has plummeted last week amid market speculation on what exactly has Ren been doing, or if he is being probed by the authorities.

Yangzijiang has confirmed that Ren is in fact “assisting in a confidential investigation carried out by certain PRC governmental authorities” and he is not the “subject matter of the investigation”, as are any of the other company directors.

“Beginning 9 August 2019, Ren Yuanlin has been granted a leave of absence by the board to focus on the investigation. The intention of the leave of absence is to expedite the completion of the investigation so that he may resume his full time duties with the group as soon as possible,” Yangzijiang stated.

In the meantime, Ren’s son Ren Letian, who is the ceo, has assumed his father’s role as a director.

The Chinese shipbuilder added that the businesses and operations of the group are unaffected by the investigation, and that it is in compliance with the Singapore Exchange (SGX) listing rules.

Ren’s role in the investigation has led to a plummeting of Yangzijiang’s share price, triggering a trading halt and trading activity query by SGX on 8 August. The company has requested for a lifting of the trading halt on 14 August.

Source from : Seatrade