Fu Yuning was appointed chairman of China Resources (Holdings) Ltd. on Wednesday, replacing Song Lin who is under investigation for alleged graft, the company said in statement on its website.
Fu, 57, will step down from his current posts as chairman of China Merchants Group (CMG) and China Merchants Holdings (International) Co. Ltd. (00144.HK). He became CMG chairman in 2000.
Song has been sacked for suspected serious violations of discipline and law, after hard-hitting journalist Wang Wenzhi alleged on his blog on Tuesday last week that Song was having an extramarital affair with Helen Yang Lijua, a senior investment banker at the Hong Kong office of UBS, and attached photos of the two together, Xinhua News Agency reported over the weekend.
Share prices of CR Holding’s five Hong Kong-listed units have plunged amid the scandal, together losing more HK$6.1 billion (US$786.7 million) in the two days after Song was dismissed on April 15.
CR Holdings, based in Hong Kong, is one of the few Chinese state-owned enterprises domiciled outside the mainland.
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