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Easyknit Says CEO Posts Bail in Arrest, Denies Crime

(Updates with closing share price in fifth paragraph.)

By Wendy Leung

June 17 (Bloomberg) -- Easyknit International Holdings Ltd., a Hong Kong-based cotton-garment exporter, said Chief Executive Officer Jimmy Kwong was released on bail after police arrested him on June 15 in a share-sale investigation.

Kwong has denied wrongdoing, according to a statement from the board of Easyknit Enterprises Holdings Ltd., which he heads. Easyknit International will seek legal advice on the arrest, it said in a filing to the Hong Kong Stock Exchange today.

The police are investigating the alleged sale of 100 million Sino Union Energy Investment Group Ltd. shares by Easyknit unit Planetic International Ltd. The Commercial Crime Bureau of the Hong Kong Police, acting on a warrant, seized books and records from Planetic’s offices, Easyknit Enterprises said in a separate statement.

Kwong “repeatedly and clearly” told the police that Planetic did not sell the Sino Union Energy shares, his company said. Kwong posted bail of HK$20,000 ($2,568) bail, it said.

Easyknit fell 1 percent to HK$3.05 in Hong Kong. The company owns 32 percent of listed subsidiary Easyknit Enterprises, of which Kwong is chief executive officer.

The company said it doesn’t expect the removal of the documents to have an adverse effect on its operations or finances. Spokespeople were unavailable for comment.

Police didn’t immediately respond to a Bloomberg News request for comment.

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