Bloomberg News

China Mobile’s Lu Resigns Board Amid Judicial Probe

March 15, 2012

China Mobile Ltd. (CHMOBZ), the world’s biggest phone carrier by users, said Lu Xiangdong resigned as an executive director and vice-president amid a probe into financial issues.

Lu stepped down because he couldn’t perform his duties “under his current personal circumstances,” China Mobile (941) said in a filing to the Hong Kong stock exchange today. Rainie Lei, a Hong Kong-based spokeswoman at China Mobile, said she couldn’t provide Lu’s contact details.

China Mobile said earlier this month that Lu is aiding “judicial authorities in the investigation of suspected financial-related issues.” Lu oversaw the Beijing-based carrier’s development strategy, planning and construction, in addition to procurement, according to the company’s annual report last April. His age was 51 at the time.

China Mobile fell 1.7 percent to HK$82.75 as of 1:41 p.m. in Hong Kong trading. The city’s Hang Seng Index declined 0.5 percent

There is no disagreement between Lu and China Mobile’s board and no issues related to his resignation that need to be brought to shareholders’ attention, the company said today.

To contact the reporter on this story: Mark Lee in Hong Kong at wlee37@bloomberg.net

To contact the editor responsible for this story: Michael Tighe at mtighe4@bloomberg.net


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