LAI back as executive director

Business | Kevin Xu 26 May 2020

Next Digital (0282), owner of Hong Kong newspaper Apple Daily, has been reappointed Jimmy Lai Chee-ying as an executive director, though the company's share price has plunged more than 30 percent since the media tycoon was arrested in mid-April.

Next Digital plummeted 10.74 percent to HK$0.11 yesterday. Its share price has fallen 31.3 percent since April 17. He was arrested on April 18.

Lai entered into a letter of appointment with the company for a term of two years, subject to retirement by rotation and re-election pursuant to the company's articles of association. Lai is entitled to receive a director's fee of HK$200,000 per annum.

Lai has been accused of taking part in unauthorized assemblies in August and October last year as well as allegedly intimidating a reporter at an event in 2017.

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