Li Xueming, also known as Bo Xiyong, Bo Xilai’s elder brother, has quit the board of China Everbright International, a Hong Kong-listed company.
Everbright said that Vice-Chairman Li Xueming had resigned to minimize any adverse impact on the company of media reports on his family background.
Bo Xilai’s removal has become China’s biggest political scandal in years.
“The board would like to take this opportunity to clarify that recent reports by the media on Mr. Li’s family background have no relationship with the normal business and operations of the company,” Everbright said in the statement to the Hong Kong stock exchange.
“Mr. Li has demonstrated dedication and diligence in serving the company during his tenure of directorship,” it said.
Li Xueming, also known as Bo Xiyong, Bo Xilai’s elder brother, has quit the board of China Everbright International
Bo Xilai, once tipped for China’s highest office, was removed from his role as Chongqing party secretary in March and suspended from all political office in April.
He is being investigated for “serious discipline violations”, Chinese authorities announced on 10 April and his wife, Gu Kailai, is being investigated in connection with the death of British businessman Neil Heywood.
Since then the lifestyle and political and business dealings of Bo Xilai and his family have come under intense media scrutiny.
According to its website, China Everbright International focuses on alternative energy and waste management.
[googlead tip=”vertical_mic”]Asian financial markets continued their decline on Tuesday, after a Monday black day performed by American and European stock markets.
Asian financial markets continued their decline on Tuesday, after a Monday black day performed by American and European stock markets, despite the mobilization of leaders and governors of central banks were trying to calm the markets concerns regarding the specter of a new crisis, according to AFP.
Hong Kong SE fell by 7.24%
Tokyo Stock Exchange registered a fall of over 4% in mid-session, the stock exchange in Hong Kong fell by 7.24% after session opening, the Sydney Stock Exchange registered a 5% lost and Seoul a 4.2% lost.
Hong Kong SE fell by 7.24% shortly after session opening
[googlead tip=”vertical_mediu” aliniat=”dreapta”] “Asians are acting emotionally instead of looking rationally at the situation. It is a general panic, ” said Chris Weston from IG Markets, based in Melbourne.
Oil quotations continued to drop.
Oil quotations continued to drop during electronic trades conducted on Asian markets, a barrel of oil “light sweet crude” with delivery in September fell below $80 while Brent crude oil barrel tested the threshold of 100 dollars.
Gold price reached a new high record in Hong Kong.
Gold continues to enjoy its status of value of refuge. Tuesday, an ounce of gold reached a new high record on Hong Kong Stock Exchange, 1,726.30-1,727.30 dollars after Monday 1720 dollars threshold.
Financial markets still suffer from the shockwaves of the last Friday historic decision when Standard and Poor’s has downgraded the U.S. “AAA” rating to “AA+”.
The S & P’s decision came along with a huge list of disappointing U.S. economic indicators and the fears about sovereign debt crisis evolution in Europe.
[googlead tip=”lista_mare” aliniat=”stanga”]Yesterday, the New York Stock Exchange recorded the worst session since December 2008. The Dow Jones fell 5.55% to end below 11,000 for the first time in the last 10 months. Panic has spread to the other side of the Atlantic. Frankfurt Stock Exchange fell by 5.02%, Paris dropped by 4.68% and London ended down 3.39%.
Pressed to come up with a concerted response to the euro area crisis and to the signs of slowing U.S. economy, the world’s richest countries leaders were not spared. Monday morning, shortly before the opening of European markets sessions, the G20 said they were ready to act in a coordinated manner to stabilize financial markets and protect economic growth. A little later, leaders and central bank governors from G7 said they would cooperate to counter excessive exchange rate movements. In its turn, the European Central Bank announced Sunday that it will purchase public bonds from secondary market.