April 21, 2017 / 1:46 AM / 5 months ago

Hong Kong's Roma Group says chairman quits after arrest

HONG KONG, April 21 (Reuters) - Valuation and advisory service firm Roma Group Ltd on Friday said Kelvin Luk had resigned as chairman, chief executive officer and executive director following his arrest by the city’s anti-corruption agency.

The Hong Kong-based company said Luk was arrested on Wednesday by the Independent Commission Against Corruption for his “alleged personal involvement” in a transaction with one of the firm’s clients. Luk has been released on bail, and could not be reached for comment.

Hong Kong’s anti-graft agency declined to comment.

Roma said the anti-corruption agency had conducted a search at the company’s office earlier this week, and said the investigation had no material adverse impact to the firm and that its business and operations remained normal.

The company said its executive director, Ken Yue, had been re-designated as chairman and chief executive officer, and Connie Chan had been appointed as executive director.

Shares of Roma, with a market value of $23.2 million, plunged as much as 26 percent on Thursday to HK$0.031, the lowest since January 2016.

$1 = 7.7749 Hong Kong dollars Reporting by Donny Kwok; Editing by Anne Marie Roantree and Sherry Jacob-Phillips

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