Sichuan Trust Reports Slow Progress in Unwinding Risky Investments
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Three years after Sichuan Trust Co. Ltd. defaulted on billions of dollars of trust products, the long-troubled operation reported that its restructuring and disposal of risky investments is still proceeding slowly.
In a progress report, the company said Wednesday that it initially designated leading restructuring parties and that relevant accounting firms, asset appraisal companies, law firms and other intermediaries have conducted further due diligence and appraisals and updated the trust company’s assets. The trust didn’t provide a specific timetable for completing the risk disposal plan.
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