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May 15, 2019, 4:31 p.m. EDT

Hong Kong : CK Hutchison 'may be concealing' HK$58b of debt, researcher says; company denies allegations

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May 15, 2019 (Euclid Infotech Ltd via COMTEX) -- Billionaire Li Ka-shing's CK Hutchison Holdings "may be concealing" HK$57.7 billion (S$10 billion) of debt as a result of aggressive accounting, a Hong Kong-based researcher said on its website, allegations the company denied.

GMT Research, which uses its own proprietary accounting and corporate governance analysis system, posted the research related to accounting treatment of debt by the company and recommended avoiding the stock.

CK Hutchison "rejects any innuendo or suggestion of accounting irregularity", the company said in a statement Tuesday, adding that the lead of the GMT report "appears selective, biased and materially misleading".

The latest annual earnings of CK Hutchison was the first reported under the watch of Victor Li, who took over the empire following last year's retirement of the senior Li, the city's richest man.

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