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China Metal Recycling chairman Jacky Chun Chi-wai was held by police yesterday for alleged false accounting; China’s “Lady Buffett” Liu Yang and Norway’s central bank are all shareholders of China Metal Recycling

Metal firm chief held on fraud rap
Grace Cao
Tuesday, August 13, 2013

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China Metal Recycling (0773) chairman Jacky Chun Chi-wai was held by police yesterday for alleged false accounting, sources said. Police said that a 47-year-old man surnamed Chun was arrested yesterday afternoon for false accounting and had been detained for further inquiries. Sources confirmed that the person cited was Jacky Chun. Chun is the the fourth senior executive of China Metal Recycling to be taken in by police. Chun’s wife Lai Wun-yin and Leung Chong-shun, both non-executive directors, plus chief financial officer and company secretary Kenneth Greg Lam Po-kei were arrested earlier by the Commercial Crime Bureau. Last July 29, the Securities and Futures Commission moved to liquidate the firm for overstating its financial position . China Metal Recycling has sued Chun, his wife and 10 metal recycling firms for fraudulent breach of trust and causing the firm huge losses. The firm is also seeking payment of debts, losses and damages or other relief relating to false or misleading information on the firm’s financial position, the deployment of a scheme with the intention to deceive, dividends paid out on inflated profits, and purported sales and payments for fictitious transactions. It was reported that the firm took out a huge loan and land, along with warehouse receipts, were used as fake collateral. The Guangzhou-based firm’s shares have been suspended since January 28 after US shortseller Glaucus Research made allegations against it. Atlantis Investment Management chairwoman Liu Yang, Norway’s central bank and state-owned enterprise China Energy Conservation and Environmental Protection Group are all shareholders of China Metal Recycling.(773) China Metal Recycling:

Apple Daily reported citing sources that China Metal Recycling chairman Jacky Chun Chi-wai was held by police yesterday for alleged false accounting. Chun’s wife Lai Wun-yin and Leung Chong-shun, both non-executive directors, plus chief financial officer and company secretary Kenneth Greg Lam Po-kei were arrested earlier by the Commercial Crime Bureau.
(773 HK) @ HK$: market cap. US$0.0m, daily liquidity US$0.0m. Broker forecasts:  buys,  holds,  sells, 0.0x curren t year P/E, 0.0% yield.

(773) China Metal Recycling  shareholder Atlantis Capital Holdings Limited varied the relevant holding by 4,420,881 shares on on 06/08/2013.  The interest went from 85,206,400 (7.24%)  shares to 80,785,519 (6.87%)  shares.

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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