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SouthGobi resumes trading in Toronto, Hong Kong after 5-month suspension

SouthGobi Resources Ltd.'s shares resumed trading on the Toronto Stock Exchange on May 30 and on the Hong Kong market on May 31 after the coal miner investigated former senior executives over several fraudulent transactions and took remedial actions.

The Hong Kong bourse asked SouthGobi in January to investigate the conduct of former senior executives and employees over suspicious transactions made between 2016 and the first half of 2018.

An investigation discovered improper conduct, fraud or misappropriation of assets totaling 41 million Chinese yuan and an accounting reclassification error of about 71 million yuan.

SouthGobi said that it does not anticipate the transactions having any impacts on its financial statements in the future, having already made provisions.

In a separate release, SouthGobi also said that its board redesignated Mao Sun as lead director of the company.