Disappearance of China's top tech banker: Government was probing corruption-related case

Disappearance of China's top tech banker: Government was probing the corruption-related case, company's shares fell 50%

Feb 17, 2023 - 13:18
 0
Disappearance of China's top tech banker: Government was probing corruption-related case

The disappearance of a high-profile banker in China has stirred up the fintech industry there. While giving information on Thursday, the China Renaissance Company said that they could not contact their company's chairman and chief executive officer Bao Fan. The company does not have any information about them.
When information about Bao's disappearance became public, the company's shares fell by 50%. According to a Bloomberg report, Bao had been being questioned for months in a corruption case related to Kong Lin, the president of his company. The same information has also been given to his family members.
In fact, in the year 2021, Xi Jinping's government started an investigation against corruption in China's financial sector. Till now, big companies in the country have come under the grip of this investigation.
This is not happening for the first time when a big Chinese businessman has gone missing. Actually, the Chinese government can keep the suspects in custody for many years without any legal help in any case.
In the year 2017, China's billionaire businessman Xiao Jianhua went missing from Hong Kong. Xiao was picked up from his hotel by Chinese security agents. Five years later, it was reported that he was in China. Where the government sentenced him to 13 years on corruption charges and also imposed a fine of 66 thousand crores on him.
At the same time, Jack Ma, the founder of Alibaba and the world's most famous businessman, disappeared from public life for a year. Earlier, he had criticized the financial regulator of the Chinese government. In the year 2021, he again came in front of the world.
In 2015, Yim Fung, chief of Guotai Hunan International, was taken into custody by the Chinese government without giving any details for questioning in a case.

Muskan Kumawat Journalist & Writer