Bao Fan, Chairman of China Renaissance, has been detained since February by the country’s antigraft investigators, the Wall Street Journal said, citing unidentified people familiar with the matter.
(Bloomberg) — Bao Fan, Chairman of China Renaissance, has been detained since February by the country’s antigraft investigators, the Wall Street Journal said, citing unidentified people familiar with the matter.
- Bao’s detention is related to investigation into Cong Lin, the firm’s former president, who Bloomberg News said last month has been involved in a probe by authorities since September
- Note: China Renaissance said on Feb. 26 that Bao is cooperating in an unspecified investigation by Chinese authorities
- Bao is being held under a special form of detention known as liuzhi, or “retention in custody,” where a person may be detained for as long as six months without access to lawyer, according to WSJ
- Unclear now if Bao will be formally arrested and charged, it said
- Before the detention, authorities had spoken to Bao several times over a period of months regarding the probe of Cong
- Investigators asked Bao about a suspected quid pro quo involving a loan Cong helped arrange for China Renaissance before joining the firm, but Bao didn’t provide all the information, WSJ said
- The Central Commission for Discipline Inspection in Beijing couldn’t be immediately reached by Bloomberg for comments outside normal business hours
- NOTE: China’s Top Tech Banker Is Missing? What That Means: QuickTake
- Missing Banker Bao Fan Had Plans for Singapore Family Office: FT
- Star Banker’s Disappearance Surprises Even China’s State Lenders
- Star Banker’s Disappearance Unnerves China’s Business Elite
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