https://www.miningweekly.com

SouthGobi CEO arrested as concern over Hong Kong's stocks rises

20th November 2017

By: Bloomberg

  

Font size: - +

HONG KONG – Mongolian coal producer SouthGobi Resources’ CEO was detained in China as a suspect in a fraudulent loan case, the latest Hong Kong-listed company linked to allegations of misconduct.

SouthGobi shares fell as much as 13.6%, the most in four months, to the lowest level in more than a year on the Hong Kong stock exchange. Aminbuhe Aminbuhe, who is also the firm’s chairman, was arrested on October 11 and is being held at Rizhao City Detention Center, the company said in a statement on Friday. Bing Wang will be interim CEO in his absence.

The arrest coincides with rising concern over regulation of securities listed in Hong Kong. China Huishan Dairy Holdings last week said its main units probably had a negative net worth, after its stock plunged 85% on a single day in March.

SouthGobi, which is also listed on the Toronto stock exchange, owns and operates the Ovoot Tolgoi metallurgical coal mine about 40 km from the Shivee Khuren-Ceke crossing at the Mongolia-China border. It will initiate an internal investigation into the charges against Aminbuhe and any connection to the company, continuing normal business in the interim period, it said Friday.

Shares declined as much as 21c to $HK1.33, the biggest intraday drop since July 8 and the lowest since September 2016. They traded at $1.50 at 11:53 a.m. in Hong Kong and are down 13% this year.

Edited by Bloomberg

Comments

Showroom

Immersive Technologies
Immersive Technologies

Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.

VISIT SHOWROOM 
Multotec
Multotec

Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (12/04/2024)
12th April 2024 By: Martin Creamer

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.837 0.873s - 90pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: