DMX: Counter plunges 17.4%, after announcing that it’s CEO, Ms Jismyl Teo and CFO, Mr Skip Tang were arrested by the Commercial Crime Bureau of the Hong Kong police force. The CEO and CFO are currently out on bail.
While DMX has yet to receive information directly from the HK authorities on the subject matter of their investigations, based on what the board understands, the HK authorities are investigating a suspected offence that took place in 2008, in which the CEO and the CFO may have involved the company.
The HK authorities have visited the company's HK office to review records.
In light of the latest development, the CEO and CFO have been suspended from all executive duties by the board, pending further notice.
The board has appointed Mr Iwao Oishi, executive director and vice chairman and Ms Astor Cheung Wai Yin, finance manager, to oversee the portfolio and responsibilities of the CEO and CFO respectively during this period.
DMX currently trades at 0.3x P/B.
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