Yangzijiang’s chairman takes leave of absence to assist unspecified Chinese investigation

Yangzijiang’s chairman takes leave of absence to assist unspecified Chinese investigation

Yangzijiang Shipbuilding’s shares were down almost 15% this afternoon on the Singapore Exchange after it revealed its executive chairman and controlling shareholder, Ren Yualin, has taken a leave of absence to help authorities in China with an unspecified confidential investigation.

Ren Letian, the CEO of the company, China’s largest private shipbuilder, will assume the role left by his father as the investigation continues in China.

Yangzijiang had sought a trading halt on the Singapore Exchange earlier in the week after its shares plunged close to 30% prompting regulators to ask the yard what was going on.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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