China Forestry Holdings Co., partly owned by Washington-based private equity firm Carlyle Group, appointed Hsu Wai Man as an independent non-executive director, the company said in a statement to the Hong Kong stock exchange today.
Hsu will be a member of the independent board committee set up in January to investigate “possible irregularities” identified by its auditors.
China Forestry’s shares have been suspended since Jan. 27 and the company said in April that its former management falsified bank documents and logging permits.
Hsu, who worked for accounting firm Ernst & Young LLP for 18 years, will also chair the audit committee, replacing Wong Tak-jun who has retired, the company said.
To contact the reporter on this story: Cathy Chan in Hong Kong at firstname.lastname@example.org
To contact the editor responsible for this story: Philip Lagerkranser at email@example.com