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Citic Pacific under investigation after currency loss
Published on: 2008-10-23
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Citic Pacific, a Hong Kong unit of China's largest state- owned investment company, faces a formal investigation from the Hong Kong Securities and Futures Commission after predicting 15.5 billion HKD (2 billion USD) of currency losses from unauthorized trades. A probe has been started, the commission said on its Web site, without giving details. Hong Kong Exchanges & Clearing Ltd., which runs the city's bourse, is also "looking into'' the company, said Henry Law, a spokesman.
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