Wu Xiaoan, President of Brilliance China, was detained and investigated by the Hong Kong Integrity Office last week.
According to the report of the Hong Kong Ming Daily, the two listed companies of Huachen China and Xinchen Power issued a announcement on Tuesday (August 8th) stating that the Hong Kong IntegrA search order and detained Wu Xiaoan in the suspected violation of the regulations on preventing bribery.On August 4, Wu Xiaoan was released on bail without a prosecution.
Both companies stated in the announcement that the investigation of the ICAC did not have a significant adverse effect on the group, and the group's business and operation remained normal.The company will seek legal opinions on the Intellectual Agency for investigation at appropriate time.As the investigation of the ICAC is still ongoing, the company will be announced separately in accordance with the regulations of the listing.
After being searched on August 3, Brilliance China and Xinchen Power announced the suspension at noon on the same day.After the trading resumed on Tuesday (8th) in the afternoon, Brilliance's Chinese market fell more than 8%, and the power of Xinchen fell sharply by 9%.
Public information shows that Wu Xiaoan, who was investigated by the ICAC this time, was a veteran of the Brilliance. He served as an executive director in January 1994, and in June 2002, he began as the chairman of the Board of Directors of the Brilliance China.
