Stocks of the sector’s greatest beef manufacturer tumbled 11% Wednesday after the son of the Chinese language corporate’s billionaire chairman publicly accused his father of monetary misdeeds.

WH Team Ltd. , which is indexed in Hong Kong and owns Virginia-based Smithfield Mealsand meat-processing plants in China, stated in a commentary that the allegations made through its former government director, Wan Hongjian, had been “untrue and misleading.”

Wan Hongjian is the son of Wan Lengthy, an 81-year-old meat-industry veteran and the controlling shareholder of WH Team. The elder Mr. Wan last week stepped down as leader government of the pork-industry massive and passed the reins to Guo Lijun, who have been the corporate’s leader monetary officer.

An extended article bearing the identify of the more youthful Mr. Wan—who used to have a senior function at WH Team and left the corporate lately—seemed Tuesday night time on a WeChat account operated through a media outlet referred to as Xinrouye, which posts articles about China’s meat {industry}.

The thing alleged that Wan Lengthy had pocketed massive sums of cash and refrained from taxes, and claimed WH Team had engaged in fraud. It additionally accused Mr. Guo of inflicting the corporate to lose tens of millions of greenbacks from foreign currencies hedging. Lots of the allegations had been picked up through Chinese language media shops.



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