Skyworth Digital Holdings, China's third largest television maker by sales volume, has appointed new top executives and formed an independent committee to monitor its accounts after chairman Stephen Wong (Huang Hongsheng) was charged by Hong Kong's anti-graft body for misappropriating funds.

Skyworth said Wong has been re-appointed as non-executive chairman while Wang Dianfu, former chairman of Shenzhen Electronics Group, was appointed as chief executive. Executive directors including Wong Puising, Ng Kamfai and Cheng Kin Chung resigned, it said.

Cheng, also chief financial officer, was on leave while Zhao Kejun, former chairman of Yue Feng International, became controller and Frederick Leung, an associate member of the Hong Kong Institute of Certified Public Accountants, was appointed as director of finance as well as company secretary, replacing Joseph Liang.

Skyworth said it set up an independent committee Dec. 8 to review and inquire into the accounts and affairs of the company so it could manage risk exposure and monitor normal operations. The committee would also review corporate governance and financial control to protect its interest and assets, it said.

"The group believes that confidence in the group will be restored and the shareholders' interests enhanced after the rapid move of the restructuring of the management,'' the company said in a press statement.

The committee's members include Henry Cheong, a listing committee member of the stock exchange, and Ip Shinghing, a lawyer and a member of ICAC's corruption prevention advisory committee. Grant Thornton has been appointed to help the committee review current internal control procedures.

Skyworth said its operations remained normal in November and from Dec. 1 to 9 with no substantial increase in sales order cancellations.

(Shenzhen Daily December 24, 2004)