Anonymous ID: cfee4c Nov. 7, 2018, 12:41 a.m. No.3776650   🗄️.is 🔗kun   >>6737 >>6768

Former Chair of Bad-Debt Manager China Huarong Is Arrested

 

Chinese authorities arrested Lai Xiaomin, who once oversaw more than $280 billion in assets in his role as chairman of China Huarong Asset Management Co.

 

Lai was expelled from the Chinese Communist Party last month after being placed under investigation for graft in April. Huarong, the biggest of China’s four state-run bad-loan managers which rose to prominence through debt-fueled expansion, has lost 60 percent of its market value this year.

 

President Xi Jinping has pushed an anti-corruption campaign that has nabbed more than 1.5 million Communist Party cadres. The effort has recently reached into corporate boardrooms to help halt the debt-fueled expansion of China’s biggest businesses, and financial regulators have also highlighted their determination to stamp out wrongdoing in the capital markets.

 

https://www.bloomberg.com/news/articles/2018-11-07/former-chairman-of-bad-debt-manager-china-huarong-is-arrested?srnd=premium-asia