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Hong Kong appoints Apple Daily special fraud investigator

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Hong Kong’s government Wednesday appointed a special fraud investigator to scrutinise the company that owns the recently shuttered pro-democracy newspaper Apple Daily, the first such probe in more than two decades.

The outspoken tabloid shut in June days after police arrested key executives and froze its assets using a sweeping national security law imposed by Beijing.

Its millionaire owner Jimmy Lai and multiple executives are facing national security charges of collusion over the paper’s support for international sanctions against China.

On Wednesday Hong Kong’s financial secretary opened a new front against the paper.

He announced senior accountant Clement Chan had been appointed to probe Apple Daily’s parent company for fraud and mismanagement.

The South China Morning Post said it was the first time Hong Kong’s government had appointed a special fraud investigator since 1999.

Chan said there were “grave concerns on whether there was serious mismanagement” at the company and that executives used Next Digital to “conduct unlawful activities”.

He also said executives had “breached their fiduciary duties” and “fallen short of that expected of a listed company”.

Trading in Next Digital was halted in May after city authorities froze Lai’s assets including his shares.

At the time Next Digital said its cash balance was approximately HK$521.4 million (US$67 million).

Authorities then issued a new asset freeze in June, crippling the paper’s ability to do business.

A few days later on June 23, Apple Daily put out its last edition.

The paper was known for its acerbic criticism of China’s leaders and Beijing made no secret of its desire to see the tabloid silenced.

Eight former employees of Apple Daily and its founder Lai have been arrested under the national security law.

— AFP

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Up to 200 athletes tested for doping so far at Asian Games

Between 150 and 200 Asian Games athletes tested for doping, yielding no positive results. Anti-doping efforts emphasized for a clean event, focusing on record-breakers.

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HANGZHOU, CHINA — Between 150 and 200 Asian Games athletes have already been tested for doping, the Olympic Council of Asia said on Monday, with no positive results so far.

Speaking at an anti-doping press conference on the second full day of the Games in the Chinese city of Hangzhou, the OCA said dope-testing was “gaining momentum” at the event.

Mani Jegathesan, an adviser to the OCA anti-doping committee, warned that drug cheats would be rooted out.

Up to 200 athletes have been tested so far, he said, but any positive results will take several days to come through.

“Every athlete participating in these Games must understand that they could be picked at any time,” Jegathesan warned.

“That is the best step to ensuring we have a clean event.”

There are about 12,000 athletes at the 19th Asian Games, more competitors than the Olympics, and Jegathesan admitted it would be impossible to test them all.

Instead, they will prioritise, including picking out those who break world or Asian records.

— AFP

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Foodpanda’s restructuring amid sale speculations

Food delivery giant Foodpanda, a subsidiary of Delivery Hero, announces staff layoffs in the Asia-Pacific region, aiming for increased efficiency. This move coincides with ongoing talks about potentially selling parts of its 11-year-old business.

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Foodpanda, a subsidiary of Delivery Hero, is initiating undisclosed staff reductions in the Asia-Pacific region, as discussions continue regarding the potential sale of a portion of its 11-year-old food delivery business.

In a memorandum circulated to employees on 21 September, Foodpanda CEO Jakob Angele conveyed the company’s intent to become more streamlined, efficient, and agile.

Although the exact number of affected employees was not disclosed, the emphasis was on enhancing operational efficiency for the future.

No mention was made in the memo regarding the reports of Foodpanda’s potential sale in Singapore and six other Southeast Asian markets, possibly to Grab or other interested buyers.

Foodpanda had previously conducted staff layoffs in February and September 2022. These actions come as the company faces mounting pressure to achieve profitability, particularly in challenging economic conditions.

The regulatory filings of Foodpanda’s Singapore entity for the fiscal year 2022, ending on 31 Dec, indicated a loss of S$42.7 million despite generating revenue of S$256.7 million.

Angele further explained that Foodpanda intends to review its organizational structure, including both regional and country teams, with some reporting lines being reassigned to different leaders. Additionally, certain functions will be consolidated into regional teams.

Expressing regret over the challenging decisions, Angele assured affected employees of a severance package, paid gardening leave, and extended medical insurance coverage where feasible.

Foodpanda will also forego the usual waiting period for long-term incentive plan grants, and vesting will continue until the last employment date. Employees will retain all vested shares as of their last day of employment.

Foodpanda, established in 2012 and headquartered in Singapore, became a part of Delivery Hero in 2016. The company operates in 11 markets across the Asia-Pacific region, excluding its exit from the Japanese market last year.

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