A Hong Kong insurance brokerage CEO’s suspected embezzlement of about HK$43 million ($5.5 million) has drawn fresh attention to concerns over how IPO shares are allocated.
Police detained the 53-year-old CEO surnamed He in mid-April after receiving a report from an employee at another company.
The CEO worked for Sunbright Wealth Management Ltd., a licensed insurance brokerage. The alleged transfers were discovered after the company faced a cash shortfall and sought support from shareholders, people familiar with the matter told Caixin.
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