Renco Holdings Group Establishes Investigative Committee for Matters Concerning a Loan

MT Newswires Live02-03

Renco Holdings Group (HKG:2323) formed a special investigation committee to investigate the circumstances around a loan facility of 170 million yuan lent by Shenzhen Huarongde Trading to Shaoguan HKBridge Enterprise Management Consulting Service, a subsidiary of the company.

As of Nov. 8, the loan had an outstanding principal amount of 170 million yuan along with accrued interests and the investigation committee will look into the credibility of the loan along with responsible directors who had approved the loan, a Jan. 27 bourse filing said.

The committee is headed by Lau Fai Lawrence as the chairperson.

The company has also suspended Cheok Ho Fung, an executive director, from his duties under the suspicions of involvement with the loan.

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