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Tycoon quits after US case resolved
Source: Bloomberg News |
November 27, 2012, Tuesday
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Print Edition
Print Edition
BILLIONAIRE Zhang Zhirong quit as chairman of two Hong Kong-listed companies about five weeks after an investment firm he controlled agreed to pay US$14 million to resolve US inside-trading claims.
Zhang resigned from the boards of shipbuilder China Rongsheng Heavy Industries Group Holdings Ltd and developer Glorious Property Holdings Ltd, according to statements yesterday. He is the largest shareholder in both companies. The decision has nothing to do with the US case, iPR Ogilvy in Hong Kong, which handles Zhang's public relations, said in a statement.
The billionaire is leaving "to devote more time to his personal endeavors" and there were no disagreements with boards, both companies said. Rongsheng Chief Executive Officer Chen Qiang took over as chairman at the Shanghai-based shipbuilder, while Cheng Li Xiong stepped down as CEO of Glorious to become chairman. Liu Ning succeeded Cheng as CEO.
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