Shares of WH Group, the world’s largest pork producer, fell 11% after the son of the Chinese company’s billionaire chairman publicly accused his father of financial misdeeds
Shares of the world’s largest pork producer tumbled 11% Wednesday after the son of the Chinese company’s billionaire chairman publicly accused his father of financial misdeeds.and meat-processing plants in China
, said in a statement that the allegations made by its former executive director, Wan Hongjian, were “untrue and misleading.” Wan Hongjian is the son of Wan Long, an 81-year-old meat-industry veteran and the controlling shareholder of WH Group. The elder Mr. Wanas chief executive of the pork-industry giant and handed the reins to Guo Lijun, who had been the company’s chief financial officer.
A long article bearing the name of the younger Mr. Wan—who used to have a senior role at WH Group and left the company recently—appeared Tuesday evening on a WeChat account operated by a media outlet called Xinrouye, which posts articles about China’s meat industry. The article alleged that Wan Long had pocketed large sums of money and evaded taxes, and claimed WH Group had engaged in fraud. It also accused Mr. Guo of causing the company to lose millions of dollars from foreign exchange hedging. Many of the allegations were picked up by Chinese media outlets.
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