Bloomberg News

HKMEx’s Barkshire Resigns as Director as Police Probe Company

June 27, 2013

Hong Kong Mercantile Exchange’s co-president William Barkshire resigned as a director of the company amid a police investigation into financial irregularities involving the failed commodities bourse.

Barkshire stepped down on June 6, according to a filing to Hong Kong’s Companies Registry. He retains the co-president role, Aubrey Ho, a company spokeswoman, said by telephone today. Artem Volynets, chief executive officer of Russian billionaire Oleg Deripaska’s En+ Group Ltd., which holds a stake in HKMEx also resigned as a director, as did Richard Wong, according to separate filings.

HKMEx surrendered its trading license last month after failing to attract sufficient revenue to support its operations. The Securities and Futures Commission said on May 21 it found “serious” suspected irregularities in the exchange’s financial affairs and referred the case to the police.

Barry Cheung, chairman and largest shareholder of the bourse operator, resigned from all public service positions, including the city’s executive council, because he’s under police investigation, the government said last month.

Three men arrested as part of a probe into the company were charged May 24 in Kowloon City Magistrates’ Court with having false documents including letters related to a $460 million check and $11 million of funds. Cheung said the three aren’t current or former employees of HKMEx.

To contact the reporters on this story: Eleni Himaras in Hong Kong at ehimaras@bloomberg.net; Michelle Yun in Hong Kong at myun11@bloomberg.net; Jun Yang in Hong Kong at jyang180@bloomberg.net

To contact the editor responsible for this story: Allen Wan at awan3@bloomberg.net


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