NEWS BRIEF: Best Mart 360 shares tumble after CEO’s arrest
Best Mart 360 Holdings Ltd. (2360.HK) announced that its CEO Hui Chi Kwan was arrested by Hong Kong’s Independent Commission Against Corruption (ICAC) last Thursday in connection with a bribery investigation. No charges have been filed against Hui so far. The investigation is unrelated to the company, Best Mart said, citing information it has received. It added its business continues to operate normally. The company’s stock plunged as much as 13% when trading began on Monday.
Records show that Hui was found guilty in 2012 for selling counterfeit Burberry goods and was sentenced to eight months in prison. Records show the snack maker’s major shareholder sold its shares last year, and the company is now controlled by China Merchants Hoi Tong.
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