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2005-5-11 11:28:00 a.m. HKT, XFNA
HK-listed Prime Investments chairman quits amid personal allegations inquiry
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HONG KONG (XFN-ASIA) - Prime Investments Holdings Ltd said that Edward
Lau Sze Shing has resigned as chairman of the board, executive director and
authorized representative, effective February 22.
Director Wang Wen Xia said Lau has resigned ""considering that doing so
would be in the best interest of the company in light of allegations"" against
Lau, which are currently being investigated by the police.
He said that Lau informed Prime Investments on February 8 that certain
allegations had been made against him in connection with a private company of
which he is a shareholder and director between August 2002 and January 2004.
The case had come under police investigation.
Lau told Prime Investments that the allegations were made against him
personally and had nothing to do with Prime Investments.
He indicated to Prime Investments that he would defend himself against
the allegations and that no charges had been laid against him.
Wang said Lan Ning has been appointed as authorized representative of
Prime Investments from February 28 to replace Lau.
Lan was also appointed as executive director, from his previous post of
non-executive director, effective on the same date.
Trading in the shares of the company has been suspended from February 14
and will remain suspended pending its demonstration to the Stock Exchange of
Hong Kong that, among others, the continual listing of its shares is
warranted, the company said.
jun.concepcion@xfn.com
jc/net
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