Caixin
Oct 05, 2018 07:13 PM
FINANCE

Allegations Emerge of Fraud at Scandal-Hit Bad Asset Manager

Chairman of Hong Kong-listed casino operator Landing International Development, Yang Zhuhui. Photo: IC
Chairman of Hong Kong-listed casino operator Landing International Development, Yang Zhuhui. Photo: IC

Scandal-ridden bad asset giant China Huarong Asset Management Co. Ltd.’s crisis shows no sign of ending, as possible links to two suspected cases of fraud have emerged. Altogether, these two cases may have caused the company to lose over $1 billion.

Speculation began last month after Hong Kong’s Securities and Futures Commission (SFC) ordered three brokers to freeze assets up to HK$10.17 billion ($1.3 billion) owned by an unnamed chairman of a public company, pending a probe into possible fraud in which the chairman colluded with certain executives from a group to pull off two deals that might have lost the group HK$10.17 billion.

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