Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Live is Caixin Global's real-time news portal, featuring 24-hour breaking news, short-form analysis, and roundups from business and social media in China.

TRENDING
Vietnam Surpasses Hong Kong in Port Throughput
Exclusive: Chinese Buyers Deep in Talks With Embattled Japanese Panel-Maker
Star Online Insurer ZhongAn Shuffles Leadership
LATEST
Toyota, BYD in Tie-Up to Develop Electric Vehicles for China
China Approves Older Novartis MS Drug
Alibaba Supermarkets Roll Out Drug-Dispensing Vending Machines
Beijing Seeks Bang for Its Buck in Hydrogen Vehicle Drive
BMW, Tencent Team Up for Autonomous Driving Project
Exclusive: Chinese Buyers Deep in Talks With Embattled Japanese Panel-Maker
Vietnam Surpasses Hong Kong in Port Throughput
Bug-Trapping Lamps May Help China Control Crop-Devouring Moth
Google Says China Search Engine Plan ‘Terminated’
Volvo Cars Profit Tumbles as Trade Spat Starts to Take Toll
Star Online Insurer ZhongAn Shuffles Leadership
Huatai Unit AssetMark Financial Opens Higher in New York Debut
Donghai Securities Chairman Steps Down Under Investigation
Moutai Posts Slower Growth Amid Corruption Crackdown
Didi Hints It Will Revive Carpooling Service Linked to Two Murders
Amid Tax Cuts, Authorities Boost Nontax Revenues
Google Bans Major Chinese App Developer From Play Store, Ad Platform
China Considers Packing In Decades-Old Zip Codes
TSMC Counts on New iPhones for Revival After Trade War Hit
Chinese Homebuyers Lead Sharp Drop in Foreign Demand in U.S.
Two More Executives Face Arrest in Fuxing Financial Scandal

By Zhang Yu and Ren Qiuyu / May 14, 2019 06:54 PM / Politics & Law

Photo: VCG

Photo: VCG

Another two executives from an affiliate of Fuxing Group, a Shanghai-based private equity firm, face arrest in the company’s spiraling downfall that began last summer.

Prosecutors in Shanghai announced Friday that they had approved the arrest of two people surnamed Wei and Zhang, who serve as general manager and deputy general manager of the global finance department of Fuxing affiliate Shanghai Yilong. They have been accused of selling the public so-called “wealth management” products, which Fuxing was unable to repay, according to police investigations last year.

This is the second round of approved arrests after it was announced last week that prosecutors would arrest five executives, including four vice presidents of Fuxing and president of Shanghai Yilong.

Related: Private Equity Firm Fuxing Mired in $2.9 Billion Black Hole


Share this article
Open WeChat and scan the QR code
Copyright © 2019 Caixin Global Limited. All Rights Reserved.