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500.com forms committee to investigate alleged illegal transfers

3rd January 2020 10:33 am GMT

Shares in lottery operator 500.com slumped by more than 12 per cent in New York Thursday after the company announced an internal investigation into alleged illegal money transfers by consultants.

500.com has formed a Special Investigation Committee (SIC) following the arrest of a consultant and former director of the company's subsidiary in Japan, and two other former consultants by the Tokyo District Public Prosecutors Office.

As a result, 500.com chief executive Zhengming Pan is temporarily stepping aside from [...]

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