Frances Yung Ming Fong was the director of Group Finance

Finance

"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...

 Department of CITIC Pacific

CITIC Pacific

CITIC Pacific is a Hong Kong-based conglomerate holding company headquartered in the CITIC Tower, Admiralty, Hong Kong. It is 58% owned by the state-owned Citic Group in Beijing and has shareholders around the world.-Business areas:...

. She is the deputy chairman of CITIC Pacific Communications Limited and the director of Hong Kong Eastern Harbour Tunnel Company. She is the daughter

Daughter

A daughter is a female offspring; a girl, woman, or female animal in relation to her parents. The male equivalent is a son. Analogously the name is used on several areas to show relations between groups or elements.-Etymology:...

 of Larry Yung Chi Kin

Larry Yung Chi Kin

Larry Yung Chi-kin , also often called Rong Zhijian in mainland China, was the chairman of CITIC Pacific, a Hong Kong-based conglomerate. According to Forbes Magazine, he is one of the wealthiest person in mainland China, with a personal net worth of $2.2 billion US dollars as of March, 2007....

, the former chairman of CITIC Pacific.

2008 CITIC Pacific foreign exchange losses

In October 2008, Yung and other two senior executives were involved in an unauthorized foreign exchange

Foreign exchange market

The foreign exchange market is a global, worldwide decentralized financial market for trading currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends...

 deals in CITIC Pacific

CITIC Pacific

CITIC Pacific is a Hong Kong-based conglomerate holding company headquartered in the CITIC Tower, Admiralty, Hong Kong. It is 58% owned by the state-owned Citic Group in Beijing and has shareholders around the world.-Business areas:...

, which caused a HK$15.5 billion loss

Income statement

Income statement is a company's financial statement that indicates how the revenue Income statement (also referred to as profit and loss statement (P&L), statement of financial performance, earnings statement, operating statement or statement of operations) is a company's financial statement that...

 in the company. Then she was removed from the finance department and demoted

Demotion

A demotion is a reduction in an employee's rank or job title within the organizational hierarchy of a company, public service department, or other body. A demotion may also lead to the loss of other privileges associated with a more senior rank and/or a reduction in salary or benefits...

 with a salary

Salary

A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract. It is contrasted with piece wages, where each job, hour or other unit is paid separately, rather than on a periodic basis....

 cut, confirmed by Henry Fan

Henry Fan

Henry Fan Hung Ling, SBS, JP was the managing director of CITIC Pacific and the vice-chairman of Cathay Pacific Airways. He was the non-official member of Executive Council of Hong Kong from 2007 to 2009. He is the elder brother of Fanny Law, a former Hong Kong Government official. He was...

, the CITIC Pacific's managing director.