[SINGAPORE] The director and former chief accountant of China Yuchai International (CYI) have been detained by Chinese authorities.
Hong Leong Asia, which holds a 48.7 per cent stake in the Singapore-headquartered company, said on Monday (Oct 20) that the reasons for the detainment and any charges against Wu Qiwei and Qin Xiaohong have not yet been verified.
Wu is a director at CYI and the president of its main operating subsidiary, Guangxi Yuchai Machinery Company. Qin is the former chief accountant of the latter company.
Li Hanyang, the chairman of Guangxi Yuchai Machinery’s board of directors, will continue to lead its operations. Chen Hai, vice-president at the CYI subsidiary, is assisting to carry out the role of president in Wu’s absence.
CYI specialises in the design, manufacture, assembly and sale of engines for trucks, buses, pickups, construction and agricultural equipment, as well as marine and power generation applications.
Shares of Hong Leong Asia ended Friday down 4.6 per cent or S$0.12 at S$2.52.
