Caixin
FINANCE

Bad Business at a ‘Bad Bank’

A video of Lai Xiaomin, chairman of China Huarong Asset Management Co. Ltd., is seen in Beijing on July 29 at Huarong’s booth at the 25th China International Exhibition on Financial Banking Technology. Photo: VCG
A video of Lai Xiaomin, chairman of China Huarong Asset Management Co. Ltd., is seen in Beijing on July 29 at Huarong’s booth at the 25th China International Exhibition on Financial Banking Technology. Photo: VCG

* Lai Xiaomin is first senior executive at a state-owned financial giant to fall under investigation since the latest government overhaul further strengthened the power of nations top graft-buster

* China Huarong Asset Management Co. Ltd.’s risky business endeavors and ambiguous ties with private borrowers has sparked controversy

(Beijing) — Lai Xiaomin rose to prominence by overseeing breathtaking growth at one of China’s “Big Four” distressed-asset managers. Now, his fall has exposed the murky entanglements of China Huarong Asset Management Co. Ltd., one of the “bad banks” established to clean up soured loans in the country’s banking industry.

ladingImg
You've accessed an article available only to subscribers
Try 4 weeks for $0.99
SUBSCRIBE
Share this article
Open WeChat and scan the QR code
Copyright © 2017 Caixin Global Limited. All Rights Reserved.