Canton Property Investment, an AIM-listed developer in China, has been rocked by the disappearance of its chairman.
The Hong Kong-based company said this morning that Keng Wong, its executive chairman and founder, had 'recently been absent from the company and uncontactable'.
The board held a meeting yesterday to address the situation, but could not agree on the appointment of an interim chairman.
Accordingly, Sir David Brewer, the former Lord Mayor of London, yesterday resigned as a non executive director with immediate effect and Dennis Yau, the chief financial officer, said he would resign from 6 October 2008.
The company said it was exploring a number of options to cover its short-term funding requirements, while it negotiated long-term finance for the construction of the Mall of Canton and the Canton Finance Centre.
The company's shares have been suspended from trading on AIM at 20.5p, 'given the uncertainty in relation to the above matters'.
At that price the company is valued at £96m