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Renren audit chief quits ahead of IPO

By Clare Baldwin | China Daily | Updated: 2011-05-04 07:56

Renren audit chief quits ahead of IPO

Independent director steps down to prevent 'unwarranted attention'

NEW YORK - The head of the audit committee at Renren Inc has resigned to protect the Chinese social-networking company from any possible fallout from accusations of accounting fraud at another company where he is an executive.

Derek Palaschuk, chief financial officer of China-based Longtop Financial Technologies Ltd, told Reuters in an interview on Monday that he formally resigned from Renren's board of directors over the weekend.

Renren audit chief quits ahead of IPO

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