Assets may be seized

09:18, February 10, 2011      

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Hong Kong's securities regulator is seeking to freeze the assets of the chairman of China Forestry Holdings Co Ltd, which is being investigated for accounting irregularities, a court document showed.

The Securities and Futures Commission has applied to the high court to freeze assets of up to HK$398 million ($51 million) belonging to company chairman Li Han Chun, according to the court statement obtained by Reuters Wednesday.

IFR, a Thomson Reuters publication, said Li sold 119 million shares at HK$3.35 on Jan. 12, the proceeds of which match the sum the regulator is aiming to freeze.

Source: Global Times
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