Due to the debt owed to GS Holdings, Zhang, who is GS Holdings’ non-independent and non-executive chairman, has been suspended from his duties.
Pang Pok, the company’s CEO and executive director, will take over Zhang’s duties as acting chairman.
In a separate statement, GS Holdings revealed that some RMB22 million held by its Chinese subsidiary, Wish Health Management (Shanghai), has been retained by the Chinese authorities.
“The company will be engaging lawyers in China to obtain further information on the circumstances leading to such retention of funds, liaise with the relevant authorities and the bank officers on the matter and advise the company on the next steps to be taken in order to seek the release of the funds,” says GS Holdings.
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Shares in GS Holdings closed 0.2 cents higher or 3.08% up at 6.7 cents on Oct 17.
