citicpacific minority shareholders unhappy

Interesting article in The Standard dated December 19 2008.

CITICPaciic shareholders are to vote against the capital injection from its parent because they are still awaiting the results of the SFC investigation in to the co's toxic foreign currency losses.

They are also demanding the resignation of chairman Larry Yung Chi-Kin and MD Henry Fan Hung - Ling.

They are also unhappy with the conversion price of $8 HK as CITICPacific's asset backing has increased to around $15 to $16 HK due to the rebound in the Aussie dollar.