Phoon's Golden Harvest contract terminated

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HONG KONG -- Phoon Chiong Kit, executive director and managing director of Golden Harvest Entertainment Holdings Ltd., has been relieved of his duties.

Golden Harvest's board decided to terminate Phoon's contract, signed in August 2007, during a meeting Friday, the company said Monday. Phoon has been with the company for 21 years.
Golden Harvest is the Hong Kong studio that produced the films that turned Bruce Lee and Jackie Chan into international superstars.

Wu Kebo, president of the new Chinese powerhouse Chengtian Entertainment Group, which recently acquired Golden Harvest, has been appointed acting managing director.
Already Golden Harvest's chairman, Wu's additional role as executive director is not in accordance with the listing rules of the Stock Exchange of Hong Kong.  But the company declared its certainty in Wu's ability to serve in its best interest while looking for a replacement.

Chengtian became the biggest shareholder of Golden Harvest in October when it bought 24.78% of the company for about HK$200 million ($25.6 million).

The founder of Golden Harvest, Raymond Chow, will stay on as adviser to the group.
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