Steel and property conglomerate CITIC Pacific, which has warned of a possible loss of 2.4 billion US dollars from unauthorized foreign exchange trading, says its entire board of directors is being investigated by Hong Kong's securities watchdog.
The company confirmed late on Friday that its chairman, Yung Chi Kin, his son Yung Ming Jie and managing director Fan Hung Ling, as well as 15 other board members were the subject of the probe by the Securities and Futures Commission.
The Commission said in October it had launched a formal probe into CITIC Pacific, after the firm shocked the market by announcing a potential loss of 2 billion US dollars.
Analysts say the probe may affect investor confidence but will not dramatically impact the firm's performance.
(CCTV January 6, 2009)
