Landing International Development Ltd Chairman Yang Zhihui has resigned from the board of Chinese marine diving equipment producer China Dive Company Limited amid allegations he manipulated the securities market.
The China Securities Regulatory Commission launched an investigation into Yang’s conduct last Friday alleging market manipulation in accordance with the Securities Law of the People’s Republic of China.
While it didn’t provide any further details on his actions, the news was enough to see Yang step down from his role as director and General Manager of China Dive, effective as of Monday 14 December, ending his relationship with the company.
In a separate announcement published overnight, Landing Internatiomal Development Ltd – the operator of South Korean integrated resort Jeju Shinhwa World of which Yang holds a 42.07% stake – said it had no connection to China Dive and had been assured by its Chairman that the investigation was not related to the group.
“As such, it is expected that there will be no material adverse impact on the Group’s daily operations caused by the Investigation,” Landing said.
The investigation into alleged market manipulation comes two years after Yang went missing for three months, with Landing stating at the time that it had been unable to contact its Chairman after he was detained by authorities in Cambodia in August 2018.
Yang explained upon resuming duties with Landing in November 2018 that he had been “assisting the relevant department of the People’s Republic of China with its investigation” into his business links to China’s state-owned Huarong International Financial Holdings Ltd, whose former head was at the time being investigated in a graft probe.