Ying Li International Real Estate
Chinese property developer Ying Li International Real Estate said its group chief executive and executive director Hu Bing was detained by the authorities in Beijing on Dec 4 “due to his involvement in suspected bribery”.
Mr Hu will cease as group CEO, executive director and a nominating committee member with immediate effect, the mainboard-listed firm said in a Singapore Exchange filing yesterday morning.
During the interim period, the group CEO’s duties will be temporarily undertaken by Dr Yang Haishan, a non-executive and non-independent director.
Wirecard
The Singapore authorities added three further fraud charges against the director of a local accounting firm in a case linked to disgraced German payments company Wirecard.
R. Shanmugaratnam, a director of Citadelle Corporate Services, was charged with three counts of falsifying letters from Citadelle erroneously representing that the Singapore accounting firm held certain amounts of cash in escrow accounts.
BLOOMBERG
Japfa
Agri-food company Japfa will sell 80 per cent of its South-east Asia-branded dairy business to affiliates of investment firms TPG and Northstar Group for US$236 million (S$315 million) in a strategic partnership, it said in an exchange filing yesterday.
Japfa will retain 20 per cent of the shareholding in Greenfields Dairy Singapore (GDS), the holding company of Japfa’s Greenfields dairy business.
Based on the consideration, the implied equity valuation of the GDS group is US$295 million as at Sept 30.
THE BUSINESS TIMES
