Chinese investment bank China Renaissance reports $11m bill linked to missing founder amid anti-corruption crackdown.
China Renaissance, a Chinese investment bank, reported an $11 million bill tied to the disappearance of its founder, Bao Fan, who has been missing since February 2023 amid an anti-corruption crackdown. This situation has raised concerns in the financial and tech sectors. The payment, categorized as "other receivables," has led auditors to issue a "qualified opinion" on the bank's 2023 results, indicating uncertainties regarding the investigation's implications.
September 12, 2024
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