New Times Trust Ex-Execs Banned for Life From Banking

New Times Trust was one of nine companies taken over in July 2020 by financial regulators as part of a crackdown on disgraced tycoon Xiao Jianhua’s sprawling business empire.

China’s banking regulatory commission fined former executives of imprisoned financial tycoon Xiao Jianhua’s New Times Trust and handed three of them lifetime bans from the banking industry.

New Times Trust, a unit of government-seized Tomorrow Group, was fined 7 million yuan ($1 million) for more than 10 violations of laws and regulations, including the board’s failure to fulfill its duties to carry out reviews of related-party transactions, the Inner Mongolia branch of the China Banking and Insurance Regulatory Commission (CBIRC) said Wednesday in a statement.

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