Contrarian Value Fund Limited announced that the AFSL sub-authorisation, granted by the Fund Manager, ACVF Management Pty Limited (ACVFM, a wholly owned subsidiary of Arowana International Limited) to its portfolio manager, Mr. Gary Hui, has been revoked, on instruction from the AFSL licence holder, Arowana Capital Pty Limited. CVF confirms that ACVFM will continue to be the Fund Manager. CVF's founder and executive chairman, Mr. Kevin Chin has been appointed as the portfolio manager for CVF and will step in to work alongside the existing co-manager and team. Mr. Chin is also sole director of the Fund Manager and sits on the Investment Committee. He intends to lead a review of the fund's investment positions, investment style and investment strategy. In addition, the independent directors of CVF will engage actively with Mr. Chin and the portfolio management team during this period.