Citic Pacific Ltd yesterday appointed a new managing director after Hong Kong's securities regulator concluded an investigation into the conglomerate.

The company said it appointed Zhang Jijing as its new managing director. Zhang, 54, is now assistant president of the company's parent, Citic Group, and head of its strategy and planning department. The financial regulator has completed its investigation, but a separate police probe continues and prosecutors will weigh findings of both probes before deciding whether to bring charges, a government official said. Citic Pacific has been looking for someone to fill the position since former Managing Director Henry Fan resigned in April, along with former Chairman Larry Yung, following massive foreign-exchange trading losses.

Comments