China Gas says top executives 'escorted away'

China Gas Holdings Ltd, which has 114 gas projects in China, said two of  its top executives had been "escorted away" by people who identified themselves as security officials in the city of Shenzhen and trading in its shares will remain suspended.

China Gas shareholders include state-owned Sinopec, Indian state gas firm GAIL (India) Ltd.,  the Oman Oil Company and Hai Xia Finance Holdings Ltd, an investment unit under the Taiwan Affairs Office of China's State Council.

The company said in a statement late on Friday that managing and executive director Liu Ming Hui and executive president Huang Yong, were "escorted away by certain  individuals who claimed that they represented the Shenzhen Municipal Public Security Bureau ... on Dec. 17 from the  company's office in Shenzhen".

Huang is also an executive director of its subsidiary Zhongyu Gas Holdings Ltd.

China Gas, whose shares have been suspended since December 20, said it was contacting the family of both executives as well as the relevant authorities in China to verify the incident.

"The company and its subsidiaries have not been  investigated or notified of any investigation by any  government authorities in the PRC ... the board is of the view that it is premature at this stage to determine whether the incident is related to the Group," it added.

The board of the company has set up an ad hoc management committee and appointed Leung Wing Cheong, currently chief financial officer, and Zhu Wei Wei, head of its capital department, as acting joint managing directors.