China Yuchai International, which is listed on the New York Stock Exchange (NYSE) and 48.7% owned by Hong Leong Asia, announced on Oct 20 that a director and a former employee have been detained by authorities in the People’s Republic of China.
According to an Oct 20 filing, they are Wu Qiwei, a director of the company and a director and the president of Guangxi Yuchai Machinery Company, a main operating subsidiary of China Yuchai; and Qin Xiaohong, the former chief accountant of Yuchai.
As of Oct 20, the reasons for these actions and any charges against these individuals have not been verified, according to the company.
The business and affairs of Yuchai continue to be led by Li Hanyang, the chairman of Yuchai’s board of directors, and daily business operations are continuing uninterrupted and in the ordinary course.
Chen Hai, a vice president of Yuchai, is assisting to carry out the role of president of Yuchai in Wu’s absence, the company said.
Hong Leong Asia's shares have fallen by 11% on Oct 21.
