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Yangzijiang Shipbuilding rejects charges of illegal stock manipulation
MISCHIEVOUS, irresponsible and unfounded are terms used by Yangzijiang Shipbuilding in the face of allegations against its CEO Ren Yuanlin that his private investment company had engaged in illegal activities.
Allegations against the Singapore-listed company's CEO come from Shenzhen-listed Tianjin Guoheng Railway Holding, after Mr Ren's private Taixing City Liyuan Investment bought 12 per cent of the railway concern and then called a shareholder meeting to reconstitute its board.
Liyuan Investment made the approach last month to the incumbent board of Tianjin Guoheng to convene a general meeting of shareholders to reconstitute its composition.
But the incumbent board resisted Liyuan Investment's approach, and then alleged misdeeds against Mr Ren.
The fuss drove the company's stock down 11 per cent. The allegations also included infringement of the independent operation of a listed company, insider trading and manipulation of stock prices.
No allegations had been made against Yangzijiang itself.
The shipyard said that Mr Ren had personally assured the company that the allegations were baseless and "calculated to damage him and thwart Liyuan Investment's corporate objectives in relation to Tianjin Guoheng."
Allegations against the Singapore-listed company's CEO come from Shenzhen-listed Tianjin Guoheng Railway Holding, after Mr Ren's private Taixing City Liyuan Investment bought 12 per cent of the railway concern and then called a shareholder meeting to reconstitute its board.
Liyuan Investment made the approach last month to the incumbent board of Tianjin Guoheng to convene a general meeting of shareholders to reconstitute its composition.
But the incumbent board resisted Liyuan Investment's approach, and then alleged misdeeds against Mr Ren.
The fuss drove the company's stock down 11 per cent. The allegations also included infringement of the independent operation of a listed company, insider trading and manipulation of stock prices.
No allegations had been made against Yangzijiang itself.
The shipyard said that Mr Ren had personally assured the company that the allegations were baseless and "calculated to damage him and thwart Liyuan Investment's corporate objectives in relation to Tianjin Guoheng."
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