Chinese e-cigarette billionaire Chu Lam Yiu is under investigation from Chinese authorities, causing shares of her company, Hong Kong-listed Huabao International, to fall by over 65% on Monday.
Chu, who serves as chair and CEO, is currently under investigation for “suspected disciplinary violations” of an unclear nature, the fragrances and tobacco flavoring supplier announced on Monday.
“Up to the date of this announcement, the company has not been provided with any details of the nature of the suspected violations of Ms. Chu that is currently being investigated,” the company said in a filing to the Hong Kong Stock Exchange. “The business operation of the Group remains normal.” The company noted that the probe is being conducted by the Leiyang City Supervisory Committee, a government body based in Hunan province, southern China.
Catherine Wang – Forbes – 2022-01-24.
Want More Investigative Content?
