Co-founder returns to China Gas

China Gas Holdings (0384.HKG) co-founder Liu Minghui will rejoin the firm, the company announced just days after he was cleared of embezzlement charges that led to his arrest and subsequent resignation, The Wall Street Journal reported. Liu will initially work as a nonexecutive director starting Aug. 17, but China Gas said it is working to reinstate Liu as an executive director. China Gas is currently subject to a takeover bid from China Petroleum & Chemical (Sinopec; SHI.NYSE, 0338.HKG, 600688.SHA), which Liu has worked to block by partnering with UK-listed firm Fortune Oil (FTO.LON) to buy up shares. Liu and Fortune Oil have said they would vote against the takeover, which requires the approval of a majority of the company’s shareholders. Shares of China Gas fell nearly 50% following Liu’s arrest in 2010 and subsequent resignation from the company, helping spark Sinopec’s hostile takeover attempt.