Apr 02, 2024 04:33 AM

FINANCE

Defaulted Sichuan Trust Goes Bankrupt

By Liu Ran and Han Wei

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Sichuan Trust, previously controlled by businessman Liu Canglong, is one of the most notorious of China’s problematic trust companies

Sichuan Trust, previously controlled by businessman Liu Canglong, is one of the most notorious of China’s problematic trust companies

Sichuan Trust Co. Ltd., which defaulted on billions of dollars in trust products nearly four years ago, has received approval from the top financial regulator to wind down, becoming China's second trust firm to go bust.

The National Administration of Financial Regulation (NAFR), in a brief statement published on its website, said it agreed that Sichuan Trust should enter bankruptcy proceedings and carry out subsequent work according to related regulations.

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