Director of Hong Leong Asia unit resigns amid probe by authorities in China
Wu Qiwei, a former board member of China Yuchai International, is suspected of ‘serious violations’
[SINGAPORE] Wu Qiwei, a director of Hong Leong Asia subsidiary China Yuchai International, has resigned amid ongoing investigations by authorities in China.
Hong Leong Asia owns a 48.7 per cent stake in China Yuchai, which on Wednesday (Oct 29) disclosed that Wu is under investigation by the Yulin Municipal Supervisory Commission.
Wu is also “currently under disciplinary review” by the Discipline Inspection Commission of Guangxi Yuchai Machinery. Guangxi Yuchai Machinery is the main operating subsidiary of China Yuchai.
Wu is suspected of “serious violations of discipline and law”, said China Yuchai, citing a Tuesday announcement by the Guangxi Zhuang Autonomous Region authorities.
Wu resigned from his positions as director of China Yuchai and Guangxi Yuchai Machinery with effect from Monday.
This follows an earlier announcement on the detention of Wu and Qin Xiaohong, the former chief accountant of Guangxi Yuchai Machinery, by the authorities in China.
Shares of Hong Leong Asia rose 1.3 per cent or S$0.03 to S$2.40 on Wednesday, before the news.
