Yorkshine Holdings said its executive chairman and chief executive Chow Kin Wa has been removed following an investigation into the group's conduct relating to the trading and distribution of iron ore, coal and steel products.
Last year, Yorkshine began an independent review into the facts and circumstances surrounding some of its sales and purchase agreements, as well as the veracity and impact on the group's 2017 financial statements.
PwC Consulting has since completed the review, and a 30-page report was released to shareholders last Friday.
The Yorkshine board said it is removing Mr Chow from his duties after PwC identified him as a person involved in the issues.
Yorkshine said that despite repeated requests, Mr Chow had also failed to cooperate and provide the company with access to all the requested books and records of certain subsidiaries, where he was one of the directors.
Trading of Yorkshine shares remains suspended.
Heeton Holdings has priced its $118 million fixed-rate notes at an interest rate of 6.08 per cent a year.
These notes, due on July 19, 2021, are part of the $300 million multi-currency debt issuance programme established in July 2013.
Heeton said that it is using the net proceeds for general working capital and corporate funding, including financing investments and refinancing of existing debts of the firm or its subsidiaries.