Frances Yung Ming-fong
Citic Pacific (which is, among other things, a major property developer) found its shares plunge more than 55% in Hong Kong after the company warned of a huge potential loss from unauthorized currency bets.
Shares of the Hong Kong arm of China International Trust and Investment Corp, the mainland’s biggest state-owned investment company — which had been suspended from trading on Monday — fell to HK$6.52 (US$0.84), shrinking its market capitalization to HK$14.3 billion (US$1.84 billion), less than the amount it says it stands to lose.
Meanwhile, Citic Pacific demoted Frances Yung Ming-fong, director, group finance and daughter of Chairman Larry Yung Chi-kin, and cut her salary for her involvement in the currency bets amid questions about her job title.
Source: South China Morning Post subscription