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Chairman of China Renaissance Capital is under investigation for allegedly trading his position at the company for loans

Posted by on 2023/03/02. Filed under Breaking News,China,Headline News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

More details have emerged about the detention of China Renaissance Capital Holdings Chairman Bao Fan, who was interviewed several times by authorities in connection with a corruption case involving the company’s former chief executive Junlam, foreign media reported, citing people familiar with the matter.

Bao Fan went missing in mid-February and China Renaissance confirmed on February 26 that it was co-operating with Chinese authorities. Neither the company nor the relevant government authorities have elaborated on the details of the investigation.

The Wall Street Journal, citing people familiar with the matter, said Bao Fan was being investigated in connection with a corruption case involving former president of China Renaissance Capital Junlin. Prior to his detention, the authorities had interviewed Bao several times, asking about the suspected “quid pro quo” with China Renaissance Capital when he worked in the banking system, in order to help China Renaissance Capital arrange loans.

Mr. Jungle was detained and investigated in September for suspected corruption when he went to work in the financial leasing division of Industrial and Commercial Bank of China.

Icbc International extended a US $200 million line of credit to China Renaissance in 2017, people familiar with the matter said in the report. The loan was secured by shares in a company Mr Bao actually controls, and was agreed to be repaid after China Renaissance listed its shares in Hong Kong.

Icbc International was one of the sponsors of China Renaissance’s initial public offering in Hong Kong in 2018.

Cong was head of ICBC International’s loan department from the time the loan was approved until China Renaissance went public, and joined China Renaissance in 2020, the report said. Investigators suspect Bao offered jobs at China Renaissance Capital to Jungle in exchange for getting the loan approved.

The report added that several senior officials at ICBC have been ousted over the past year in connection with corruption, and that the case against Jungle is part of a broader investigation into the bank. He has not been heard from since he was taken away last year, and China Renaissance Capital has so far made no statement on his disappearance.

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