China bars Zhao Wei from holding key company positions for 5 years
Billionaire Chinese actress Zhao Wei and her husband have been barred from taking on key positions at listed companies for five years for violating securities regulations, the Shanghai Stock Exchange (SSE) said on Tuesday.
The exchange's announcement comes more than a month after another Chinese actress, Fan Bingbing, came under fire for failing to pay millions of dollars in taxes and fines.
It said Zhao and her husband Huang Youlong, as well as several other former executives of Tibet Longwei Culture Media and Zhejiang Sunriver Culture, were unfit to be directors, supervisors and senior executives of listed companies.
In late 2016, Tibet Longwei, controlled by Zhao and Mr Huang, made a failed attempt to buy a 29.1 per cent stake in Zhejiang Wanjia, which was later taken over by another investor and renamed Zhejiang Sunriver Culture.
Tibet Longwei's bid had then drawn the scrutiny of the China Securities Regulatory Commission regarding information disclosure and its ability in financing takeovers as there were misleading statements and major omissions in the filings.
In November 2017, China's securities regulator fined and barred Zhao and Mr Huang from trading in the mainland stock market for five years due to the takeover case.
"Due to the celebrity effect, Tibet Longwei has severely misled the market and its investors. This has seriously disrupted normal market operations and order," the exchange said. - REUTERS
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