Chinese bank: Missing chairman is collaborating with Chinese experts in probe
Date
2/27/2023 3:38:50 AM
(MENAFN) China Renaissance Holdings, a mainland China-based boutique bank, has stated in an exchange filing on Sunday that its chairman and star dealmaker, Bao Fan, is currently cooperating with relevant Chinese authorities who are conducting an investigation.
This announcement comes 10 days after Bao was reported missing, and it is the first time that the bank has given a reason for his disappearance. However, no details about the investigation were shared.
Despite Bao’s absence, the bank has reassured stakeholders that the business and operations of the Group are continuing normally. The bank’s announcement has helped to allay some concerns among investors and stakeholders, but shares of the company had slumped last week after the bank said in an exchange filing that it had been unable to contact Bao.
Previously, Reuters reported, citing sources, that authorities took Bao away earlier this month to assist in an investigation into a former colleague, Cong Lin, who is the company’s former president. It remains unclear whether Bao’s cooperation with Chinese authorities is related to the investigation into Cong Lin.
The disappearance of the dealmaker is the latest in a series of cases of high-profile Chinese executives going missing with little explanation during a sweeping anti-corruption campaign spearheaded by President Xi Jinping. In 2015 alone, at least five executives became unreachable without prior notice to their companies, including Fosun Group Chairman Guo Guangchang, who Fosun later said was assisting with investigations regarding a personal matter.
The news of Bao’s disappearance has caused concerns among investors, particularly as he is a high-profile figure in the banking industry and has played a key role in China Renaissance's success. However, the bank’s announcement has provided some clarity and reassurance that the business is continuing as usual. The ongoing investigation and its potential impact on the company's operations will be closely monitored by stakeholders in the coming weeks.
MENAFN27022023000045012476ID1105652816
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.