Citic Pacific said it knew of the losses, which it claims were unauthorized, six weeks before it announced them.

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Surprisingly, CalPERS still owns stock in Citic Pacific, an affiliated Hong Kong-based company.

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"The Citic Pacific case will be a litmus test, " says Webb.

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TPG-Newbridge will bring in Larry Yung, China's richest businessman and chairman of Citic Pacific, and Lee Shau-kee, a local tycoon and head of Henderson Land, a property group.

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Citic Pacific's managing director is Henry Fan, who took a leave of absence as a member of Hong Kong's executive council and chairman of the city's Mandatory Provident Fund Schemes Authority after the company's announcement.

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