Chan arrested for misappropriating funds
Abba Chan, the film producer also known as the father of Canto-pop music concerts, was arrested Thursday on charges of misappropriating HK$100 million ($12.8 million) from two listed companies.
Chan was among 22 people arrested after a months-long investigation by the Independent Commis-sion Against Corruption.
Chan, who is the chairman of China Conservational Power Holdings and an executive director of China Sciences Conservational Power, is suspected of offering incentives to a director at a third com-pany to help create false investments.
Trading of both companies’ shares has been suspended.