the acquaintance Chinese banker Bao Fan, mysteriously disappeared in mid-February before it was revealed that he was “cooperating in an investigation” from the authorities of the Asian country, keep collaborating with these investigations six months later, he indicated this Thursday the company of which he is the founder.
In a statement sent to the Hong Kong Stock Exchange -where it quotes-, china renaissance explains: “Mr. Bao continues to cooperate in the investigation carried out by certain authorities of the People’s Republic of China,” without yet offering any details about the nature of the inquiries or the whereabouts of its founder and president.
The company assured that its operations maintain the “normal” under the supervision of its executive committee and added that it “will continue to follow the development of the aforementioned matters and make further announcements when appropriate.”
China Renaissance suspended its listing in early March after losing more than a 27% after Bao’s disappearance, also making it impossible to publish a 2022 audited income statement.
The company reported Bao’s disappearance on February 16 and ten days later indicated that it had “been aware that Mr. Bao is currently collaborating with an investigation being carried out by some authorities in the People’s Republic of China,” without offering further details. about.
The second statement seemed to confirm the thesis offered by some media that pointed out that Bao’s situation was similar to those that occurred in 2015, when at least five executives from different companies disappeared in a similar way, including the president of the Fosun conglomerate, guo guangchangof which it was later revealed that he was collaborating with the authorities in some investigations.
The country’s economic press speculated in February that the event could be related to an investigation launched by the authorities against Cong Linformer chairman of China Renaissance, on account of his years as a director of the country’s largest state-owned bank, ICBC.
Bao, known to be the ‘architect’ of some of the biggest tech company mergers of the country, I would have tried move part of his fortune from China and Hong Kong to Singaporea territory where at the end of last year he tried to create a fund to manage his assets, according to the newspaper Financial Times.
The campaign of arrests continues
In late February, the powerful anti-corruption body of the Communist Party of China (CCP), the Central Commission for Discipline Inspection (CCID), promised Strengthen your campaign against illegal conduct in the financial sector.
The economic news portal Caixin He then recalled that this campaign, active for years, has resulted in the accusation of numerous officials from regulatory bodies and senior business executives.
In recent months, authorities have detained former heads of the state-owned Bank of China and the public financial conglomerate China Everbright, as well as the billionaire founder of the conglomerate Cedar Holdings, the latter accused of illegally capturing the equivalent of about $2.9 billion.
In addition, this week the local press assured that the “State security organs” had taken away a vice president of the Wanda conglomerate, in charge within the group of the business segment dedicated to investments.
(With information from EFE)
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