Jun 05, 2023 08:56 PM

FINANCE

Chinese Debt Collector Suspends Business After Police Raids

By Zhang Yuzhe, Liu Ran and Zhang Ziyu

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Debt collection giant Hunan Yongxiong Asset Management announces it has suspended its business on May 25.

Debt collection giant Hunan Yongxiong Asset Management announces it has suspended its business on May 25.

Chinese debt collection giant Hunan Yongxiong Asset Management Group Co. Ltd. has suspended its business after a swathe of its employees were taken away by police, according to a notice on its WeChat account.

Police from East China’s Anhui province raided four of Yongxiong’s branches in Hunan province in April and May, removing 179 staff members and taking “criminal compulsory measures” — including arrest, detention, residential surveillance, and bail pending trial — against them, the company said in the notice on May 25.

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