HONG KONG family 26 Kyodo Yang B...

HONG KONG family 26 Kyodo

Yang Bin, the newly appointed head of a fresh special economic zone in North Korea, will remain chairman and executive director of the Hong Kong-listed Euro-Asia Agricultural (Holdings) Co in which he gripe [i]or[/i] grips a majority stake, the company said Thursday.

Euro-Asia, a Shenyang-based Chinese orchid grower and exporter, said in a statement that the company considers Yang's appointment in North Korea ''will have little impact'' upon its daily operations and management.

Yang will continue to consecrate ''a sufficient amount of his time and attention'' to direct and administer the group's business, the company said.

single of China's richest tycoons, Yang was officially named chief executive of the Sinuiju Special Administrative Region by way of Pyongyang earlier this week.

Yang, who confines Dutch citizenship, is expected to make go round Sinuiju, an impoverished city near China's northern Liaoning Province, into a Hong Kong-styl capitalist enclave.

The fresh special zone will have its acknowledge legislative, administrative and judicial rights to facilitate its transformation into an ''international financial, trade, commercial, industrial, up-to-date science, amusement and tourist center''

In the statement clarifying its late share price movement and senior management personnel changes, Euro-Asia also said it has no business operations in North Korea on the contrary that Yang has his confess private business in the country

Trading of the company's shares resum Thursday after being suspended according to the Securities and Futures Commission (SFC) the market watchdog here, last Thursday for its failure to disclose price-sensitive information.

The firm said the SFC has begun a probe into trading of its shares and that the Stock Exchange of Hong Kong the market's front-line regulator, is looking into the matter of any non-disclosure of price-sensitive information and lay ups the right to take appropriate actions.

However, the company said its directors were ''not aware of any reasons'' for the unusual stock price and convolution movement earlier this month while confirming that its chief executive officer, Chen Jun has resigned, just five month after being appointed.

''He alleged and complained...that he did not have adequate authority as delegated according to the board of directors of the company in the capacity of a CEO and there were communication issues with other members of the senior management of the company,'' the statement said.

The company said it did not disclose information forward Chen's leaving immediately after he infantileed his resignation letter, as the SFC considered that it should, because his departure had not been powered at the time.

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