Hong Kong's Roma Group says chairman quits after arrest

HONG KONG, April 21 (Reuters) - Valuation and advisory

service firm Roma Group Ltd on Friday said Kelvin Luk

had resigned as chairman, chief executive officer and executive

director following his arrest by the city's anti-corruption


The Hong Kong-based company said Luk was arrested on

Wednesday by the Independent Commission Against Corruption for

his "alleged personal involvement" in a transaction with one of

the firm's clients. Luk has been released on bail, and could not

be reached for comment.

Hong Kong's anti-graft agency declined to comment.

Roma said the anti-corruption agency had conducted a search

at the company's office earlier this week, and said the

investigation had no material adverse impact to the firm and

that its business and operations remained normal.

The company said its executive director, Ken Yue, had been

re-designated as chairman and chief executive officer, and

Connie Chan had been appointed as executive director.

Shares of Roma, with a market value of $23.2 million,

plunged as much as 26 percent on Thursday to HK$0.031, the

lowest since January 2016.

($1 = 7.7749 Hong Kong dollars)

(Reporting by Donny Kwok; Editing by Anne Marie Roantree and

Sherry Jacob-Phillips)