Top Chinese banker Bao Fan, who was earlier reported to have disappeared, is assisting Chinese investigators, his company China Renaissance Holdings Ltd said in a stock filing on Sunday (February 26). “The board has become aware that Mr Bao is currently cooperating in an investigation being carried out by certain authorities in the People’s Republic of China,” Bao’s company said, the news agency Bloomberg reported.
China Renaissance Holdings Ltd further said that its business and operations were continuing normally and that it would “cooperate and assist with any lawful request” from the relevant Chinese authorities, if and when made.
Bao Fan’s disappearance almost 10 days back, sent chills down China’s finance industry. On February 17, his company’s stock slid by 50% in early Hong Kong trading to hit a low of $0.64 (around HK$5), wiping off $356.7 million (HK$2.8 billion) in market value. b
Before Fan, Seazen Group Ltd vice-chairman Qu Dejun was reported to have been unreachable. It was revealed that Dejun was cooperating with authorities concerning an investigation into the Dalian Wanda Group, where he previously worked.
For years, high-profile Chinese executives have gone missing with little explanation amid an anti-corruption campaign spearheaded by President Xi Jinping. A report by the news agency Reuters on Sunday said that in 2015 alone, at least five executives became unreachable without prior notice to their companies.
These included billionaire Guo Guangchang, the chairman of the Fosun Group. Guangchang had vanished from public view in connection with a probe by authorities, before re-emerging days later. His disappearance seemed to violate the trust between the government and top Chinese business leaders whose hard work fuelled China to become the world’s second-largest economy.
Some of the major tycoons targeted under Xi Jinping’s rule recently include Jack Ma, Xiao Jianhua and Mao Xiaofeng.
(With inputs from agencies)
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