Sep 12, 2014 03:09 PM

HK Regulator Takes Legal Action against CITIC over Investor Losses

By Hong Kong correspondent Wang Duan and staff reporter Cao Wenjiao

Larry Yung, Citic's former chairman

(Hong Kong) – The securities regulator in Hong Kong said on September 11 it is taking legal action against Citic Ltd. and five of its former executive directors to get compensation for some 4,500 investors who lost money in 2008 because of the state-owned conglomerate's bungled foreign exchange investment.

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