The Hong Kong-listed company OKG announced that a board meeting would be held on November 27, amid a lack of contact with major shareholder Star Xu, founder of OKEx and OKCoin, according to journalist Colin Wu.
Wu was informed that on November 12, OK Hong Kong listed company OKG issued an announcement stating that a board meeting would be held on November 27. On October 18,OKG issued an announcement stating that Star Xu, who holds 72.6% of shares, could not be contacted… pic.twitter.com/edoqyKnCkG
— Colin Wu（WuBlockchain） (@WuBlockchain) November 12, 2020
According to him, on October 18 OKG published a statement that it could not reach him. Xu owns 72.6% of the shares. OKG is the parent company of OKCoin.
On October 16, OKEx suspended user withdrawals, explaining this as a loss of contact with one of the holders of private keys. OKEx clarified that he is cooperating with law enforcement authorities.
Chinese media speculated that this referred to Star Xu, but exchange representatives told ForkLog that this was not the case. They stressed that the founder of OKEx and OKCoin is not a holder of the private keys.
On November 6, the crypto exchange engaged an external lawyer in an attempt to remove obstacles to withdrawals. Among the lawyer’s duties was maintaining contact with some owners of private keys.
According to Wu, Chinese police opened an investigation into former OKEx CEO Chris Li, who is accused of irregularities in acquiring two listed companies in Hong Kong for listing on the exchange via a reverse takeover of OKG and Huobi.
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