Citic admits $2bn loss
The unit of Chinese state-owned investment company Citic Group is the latest company to make large losses relating to unauthorised trading, this time uncovered by the sharp devaluation of high-yielding currencies.
Last Wednesday (October 22), the Hong Kong commission posted a statement announcing the launch of a formal investigation into the affairs of Citic Pacific, but declined to provide further details.
The investigation relates to potentially severe losses arising from leveraged foreign
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