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Hong Kong Police Make Fifth Arrest in HKMEx Investigation

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Hong Kong Police Make Fifth Arrest in Mercantile Exchange Probe
A man walks past the logo of the Hong Kong Mercantile Exchange Ltd. (HKMEx) displayed at the company's offices in Hong Kong on May 22, 2013. Photographer: Jerome Favre/Bloomberg

May 27 (Bloomberg) -- Hong Kong police arrested a fifth person in its investigation of Hong Kong Mercantile Exchange Ltd., the failed commodities market set up by its chairman and largest shareholder Barry Cheung.

Police arrested a 35-year-old woman with the surname Zheng yesterday on suspicion of possession of false instruments, according to the Police Public Relations Branch. Four men were arrested last week as part of the case begun by the Securities and Futures Commission into suspected financial irregularities at HKMEx.

HKMEx, as the exchange is known, surrendered its trading license this month after failing to attract sufficient revenue to support its operations. Cheung resigned from all public service positions, including the city’s executive council, because he’s under police investigation, the government said in a statement May 24.

Cheung resigned as an independent non-executive director of AIA Group Ltd., the insurer said in a May 25 statement, and as an independent director at United Co. Rusal, the Russian aluminum producer said in a statement today.

To contact the reporter on this story: Eleni Himaras in Hong Kong at ehimaras@bloomberg.net

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net

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