Larry Yung, one of Hong Kong’s most prominent businessmen, resigned as chairman of Citic Pacific on Wednesday, five days after police raided the company’s headquarters as part of an investigation into alleged false statements and fraud at the state-owned conglomerate.

“The execution on 3 April 09 of the search warrant by the Commercial Crime Bureau requiring [Citic Pacific] and its directors to provide information has had a great impact in society,” Mr Yung said in a letter to the company’s board.