Sun, Dec 26, 2010 - Page 11 News List

China Gas names new officials after executives ‘taken’

KAFKAESQUE:The company said it has not received notice of any ongoing investigation and no other officials have been questioned

Bloomberg

China Gas Holdings Ltd (中國燃氣控股), the energy supplier to Chinese homes and businesses, said it appointed two managing directors and an ad hoc management committee after two top officials were taken from its offices.

Managing director Liu Minghui (劉明輝) and executive president Huang Yong (黃勇) were “escorted away” from China Gas’ offices in the southern Chinese city of Shenzhen, on Dec. 17, by individuals claiming to represent the municipal police.

INCOMMUNICADO

The company has since been unable to contact, it said in a statement to the Hong Kong stock exchange late on Friday.

China Gas’ board appointed chief financial officer Eric Leung (梁永昌) and executive director Zhu Weiwei (朱偉偉) as joint managing directors, effective as of Dec. 23, because of the incident, the company said. An ad hoc committee will oversee operations.

SEEKING TO VERIFY

China Gas, based in Hong Kong, said it is making inquiries to “verify the incident” and that it’s too early to determine whether the matter is related to company operations.

China Gas said it is not aware and has not been notified of any Chinese government investigation into the company or its units. No other directors or officials have been questioned by the Chinese government, the company said.

Huang is also an executive director of Zhongyu Gas Holdings Ltd (中裕燃氣控股), a China Gas unit whose shares are also traded in Hong Kong.

SUSPENDED

China Gas has been suspended from trading since Dec. 20 and will remain so until further notice, the company said.

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