“The company has received notification from relevant authorities that Mr. Hui Ka-yan, an executive director of the company and chairman of the board of directors of
the company, has been subject to mandatory measures in accordance with the law due to suspicion of illegal crimes,” it said in a filing to the Hong Kong stock exchange.
However, it did not elaborate on what the measures entail or what crimes he is suspected of.
Evergrande also noted that trading in shares of the company will remain suspended until further notice.
“Holders of the company’s securities and potential investors of the company are advised to exercise caution when dealing in the securities of the company,” the statement added.
The halt came just a month after the firm’s previous 17-month suspension was lifted.
Evergrande – once dubbed the world’s most valuable property developer – is currently at the centre of a major liquidity crisis, having accumulated over US$300 billion in liabilities.
