Huaze's Capital Control Issues Lead to a Wave of Resignations
Yicai Global
/SOURCE : Yicai
Huaze's Capital Control Issues Lead to a Wave of Resignations

(CBN - Global) April 21 -- There has been a wave of resignations at trouble-struck Chengdu Huaze Cobalt & Nickel Material Co. [SHE:000693]. One of Huaze's board members has revealed that the company has capital control issues.

General Manager Chen Shengli and Secretary of the Board of Directors Cheng Yongkang were the latest to step down on April 19. This follows the resignations of Huaze's Deputy General Manager Zhu Ruofu on April 13 and Mr. Lei Huafeng, an independent director, on March 10.

Shenzhen Stock Exchange identified discrepancies in the financial data presented in Huaze's report for the third quarter of 2015. It issued a notice to Huaze on April 19 stating its concerns and requested that Huaze give its response by today. The company has yet to comment.

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