Asia Television Holdings (HKG:0707) has removed Liu Minbin from his position as chairman and suspended him as an executive director, effective immediately, according to a Friday filing on the Hong Kong bourse.
The decision follows allegations that Liu made unauthorized key appointments within the company. The board has deemed these appointments invalid.
Liu, however, has refuted these claims, according to the filing.
The company's shares fell more than 14% on Monday.
Price (HKD): $0.16, Change: $-0.03, Percent Change: -15.96%
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