Guangfa Bank Says Its Guarantees of Bond Repayment Faked

(Beijing) — The default dispute related to 312 million yuan ($44.9 million) in bonds sold through an online wealth management platform continued Monday, as China Guangfa Bank Co. said documents guaranteeing bond repayments are fake.

Since Dec. 15, bond issuers, investors and guarantors have been embroiled in a dispute over the repayment of 312 million yuan worth of bonds that were sold on Zhao Cai Bao, a division of Ant Financial Services Group — the financial-services affiliate of Alibaba Group Holding Ltd.