Authorities Clear China Gas Co-Founder
From Wall Street Journal
The co-founder of China Gas Holdings Ltd. has been formally cleared of embezzlement allegations by Chinese authorities, more than a year after his arrest-which sparked a steep slide in the company’s share price and a hostile takeover bid.
China Gas, which controls gas pipelines that serve more than six million customers in China, said late Wednesday that the co-founder, Liu Minghui, and the company’s former executive president, Huang Yong, received “no-prosecution letters” from authorities in the southern city of Shenzhen, where the Hong Kong-listed company is based.
