Automaker Brilliance China Automotive and its subsidiary Xinchen China Power said that officers of the Independent Commission Against Corruption of Hong Kong visited the company’s office in Hong Kong to execute a search warrant on August 3.
Wu Xiao’an, chairman of Brilliance China, was detained by the ICAC for the purpose of an investigation relating to a suspected offence under “the Prevention of Bribery Ordinance” and was released on bail without charge on 4 August.
Brilliance China and Xinchen China Power indicated that the ICAC investigation has no material adverse impact on the the business operations. The company will seek legal advice in relation to the ICAC investigation as appropriate.
In addition, Brilliance China has been informed by Huachen Automotive Group, its controlling shareholder, that the Shenyang Intermediate People’s Court had approved the plan for Huachen’s restructuring.