Rail company calls for investigation into shipbuilding tycoon Ren Yuanlin

Dalian: Tianjin Guoheng Railway Holding, a listed railway company in China, made an announcement to the stock exchange that it has reported several illegal activities of the company’s largest shareholder, Ren Yuanlin to authorities.

Ren Yuanlin, who controls several companies including Singapore-listed Yangzijiang Shipbuilding, made an acquisition of 12.11% equity in Tianjin Guoheng in January this year through one of his controlling companies and became the largest shareholder of Tianjin Guoheng.

Tianjin Guoheng accused Ren Yuanlin of several illegal activities including insider trading, misrepresentation, infringement of the independent operation of a listed company, illegal access to shares of listed company, manipulation of stock price and interference in the truthful disclosure of regular report.

Currently authorities have suspended the stock trading of Tianjin Guoheng, and are investigating the case. [27/05/14]

 

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