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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Hong Kong investors protest against Citic Pacific By MIN LEE,Associated Press Writer AP - Saturday, November 1 HONG KONG - About a dozen investors in the Hong Kong arm of a Chinese government company protested Friday, upset over the plummeting value of their stocks following the company's announcement last week that it could lose more than $2 billion on currency bets. The investors chanted, "Do justice to investors" as they gathered in the lobby of the building that houses the Securities and Futures Commission in Hong Kong, urging regulators to fully investigate Citic Pacific Ltd. Citic Pacific said last week that bad currency bets could cost the company 15.5 billion Hong Kong dollars ($2 billion). The announcement sent its stock plunging, wiping out two-thirds of its market value in four days. The stock soared 21.2 percent to HK$6.06 (80 cents) Friday before it was suspended in the afternoon for an upcoming statement. The company, a conglomerate whose dealings range from airlines to mining to Wal-Mart stores, says it took bets on the Australian dollar and other currencies to help hedge the costs of supplies and equipment for an Australian iron-ore operation. But the firm's positions, which bet on rises in foreign currencies, ended up losing billions as the Australian dollar plunged amid this year's market turmoil. One of the protesters, Benny So, said he bought 10,000 shares at HK$16 ($2.10) each on Oct. 15 and sold his stocks at a loss. The 60-year-old retiree, who's organizing fellow investors, said many of the stockholders are elderly or retirees. "They bought the stock thinking it was stable and that they could pocket dividends. No one would have predicted Citic Pacific would make such a bad bet. We hope the government will thoroughly investigate the incident," So said. The Securities and Futures Commission announced earlier it had launched an investigation and spokesman Jonathan Li said Friday the body had no further comment. Brunswick, a public relations agency hired by Citic Pacific, noted the investigation was ongoing and had no further comment. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Treasury bill rates fall even as stocks reboundAP - Saturday, November 1 Evidence of a recession grows higherAP - Saturday, November 1 Vodafone offers Storm free in U.K. with 2-yr planReuters - Saturday, November 1 Ag futures fall on Chicago Board of TradeAP - Saturday, November 1 TOPWRAP 13-Gloomy US consumers cut spending, Japan cuts ratesReuters - Saturday, November 1 Most Popular – Business Viewed Japan joins wave of rate cuts as recession fears grow McCain, Obama step up battleground blitz Australian F1 race posts record financial loss BBC chief quits, star presenter suspended over offensive prank When men see red, they see hot: study View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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