Beijing names outsider Fu Yuning chairman of China Resources after sacking of Song Lin
Fu Yuning, a 15-year veteran of state-owned ports-to-financial services conglomerate China Merchants Group, has been appointed chairman of China Resources Holdings (CRH), five days after former head Song Lin was put under a corruption probe.
Fu Yuning, a 15-year veteran of state-owned ports-to-financial services conglomerate China Merchants Group, has been appointed chairman of China Resources Holdings (CRH), five days after former head Song Lin was placed under investigation for corruption.
The swift appointment by Beijing was seen as a move to shore up confidence in state-owned China Resources, whose five Hong Kong-listed units saw their share prices rebound yesterday after Tuesday's declines.
"Appointing an experienced manager who has Beijing's trust to CRH would instil a sense that things will be under control," said Simon Yeung, an analyst at Citic Securities.
"Another possible reason for placing an outsider instead of internally promoting someone is that it would be easier for someone without the baggage and culture to carry out any reform that may be needed within CRH."
Another personnel change prompted by Song's departure was at the Independent Commission Against Corruption in Hong Kong, which announced that Cliff Sun Kai-lit, honorary president of the Federation of Hong Kong Industries, would replace Song as chairman of the anti-graft body's ethics development advisory committee.
China Resources announced Fu had been appointed to replace Song, who is under investigation by the Communist Party's Central Commission for Discipline Inspection for suspected serious violations of party discipline and law - code for graft.
