CITIC Pacific May Lose HK$15 Billion

Hong Kong-based CITIC Pacific may lose HK$15 billion due to bad bets on currencies. The company had a market valuation of HK$30 billion, and thus it could lose half of its value.

Larry Yung, Chairman of CITIC Pacific, apologized personally and on behave of the board of directors for the loss.

Group finance director Leslie Chang Li-hsien and group financial controller Chau Chi-yin resigned.

The company has taken a loan of HK$12 billion from its parent company CITIC Group, which owns 29% of the listed subsidiary.

If a company loses half of its value, shouldn't more higher-ups resign to take responsibility?
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