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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Arko Hldgs | LSE:AKO | London | Ordinary Share | GB0003754743 | ORD 0.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.425 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:2945H
Arko Holdings PLC
12 January 2005
FOR IMMEDIATE RELEASE
12 January 2005
ANNOUNCEMENT TO THE LONDON STOCK EXCHANGE
Arko Holdings plc ("Arko" or "the Company")
Suspension of Qin Bing Qing, Executive Director of the Company
The Board of Directors of Arko announced today that the Company has been informed by the management of Hubei Changzhou
Power Development Company Limited ("HCPD"), a subsidiary of Arko, that Mr Qin Bing Qing, an executive director of the
Company, is being investigated in connection with the discovery, following a regular internal audit exercise, of an
alleged unauthorized distribution for personal purposes of certain funds belonging to HCPD, The management of HCPD
have advised the Arko Board that the amount in question is not material in the context of the profits or assets of
HCPD.
The Arko Board has instigated an investigation of these allegations and will report the outcome to the Audit Committee
and the Non Executive Directors at the earliest possible date.
Mr Qin, who is not related to either the current or former Chairman of Arko, has been suspended from duty with
immediate effect. Acting appointments are being made to ensure that the operations of the Arko Group will not be
disrupted. The Company will cooperate fully with the relevant authorities in their investigations, including the
judicial authorities of the People's Republic of China.
All the relevant regulatory authorities have been informed. Further announcements will be made to keep shareholders and
the public informed of developments in this matter.
Enquiries:
Angela Leung - Arko Holdings plc
34th Floor, Sunshine Plaza, 353 Lockhart Road, Wanchai, Hong Kong
Tel: 00 852 2219 9999 Email: angelal@arkoholdings.com
Robert Lo - Nabarro Wells & Co. Limited
Tel: 020 7710 7407 Email: robertlo@nabarro-wells.co.uk
Nigel Atkinson- Nabarro Wells & Co. Limited
Tel: 020 7710 7408 Email: nigelatkinson@nabarro-wells.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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