FINANCE

Exclusive: Missing ICBC Banker Linked to Macao’s Disgraced ‘House of Cards’ Billionaire

Published: Jul. 4, 2025 8:27 p.m. GMT+8

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Jiang Yisheng (left), Ng Lap Seng. Photo: AI generated

A veteran banker from Industrial and Commercial Bank of China Ltd. (ICBC) has been taken away by authorities, likely in connection with a Macao real estate project involving disgraced billionaire David Ng Lap Seng, according to sources with knowledge of the matter.

Jiang Yisheng, most recently a senior member of ICBC’s audit division, has become unreachable, the sources told Caixin. Caixin made several calls to Jiang’s personal cellphone on Monday, but they were unanswered.

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Jiang Yisheng, ex-ICBC Macao chairman, was taken by authorities, likely over a problematic real estate loan tied to disgraced tycoon Ng Lap Seng’s Windsor Arch project.
ICBC Macao’s nonperforming loan ratio surged to over 2.8% by June 2023 (from 0.3% in 2020) and its 2023 net profit fell to $7.6 million, down from $285 million in 2022.
Macao courts froze assets of Ng and affiliates to recover debts, including 80 parking spots and property worth 1.7 million patacas ($210,000).

AI generated, for reference only

Who’s Who

Industrial and Commercial Bank of China Ltd.: Industrial and Commercial Bank of China Ltd. (ICBC) is a major bank, with one of its former Macao branch chairmen, Jiang Yisheng, currently under investigation. ICBC Macao is attempting to recover outstanding debts and has seen a significant increase in its nonperforming loan ratio (NPL) in recent years. Its net profit also sharply declined in 2023.

Sun Kian Ip Group: Sun Kian Ip Group was a developer for the Windsor Arch, a luxury residential development in Macao. David Ng Lap Seng, a property magnate, was the chairman of the group, and his son, Ng Kei Nin, was a director of the company that provided the land for the project.

Industrial and Commercial Bank of China (Macau) Ltd.: Industrial and Commercial Bank of China (Macau) Ltd. (ICBC Macao) is an overseas subsidiary of ICBC. Its former chairman, Jiang Yisheng, is under investigation, likely connected to a real estate loan for Macao's Windsor Arch project. His tenure saw initial profitability but a significant drop in net profit and a surge in nonperforming loans by 2023. ICBC Macao is seeking to freeze assets of the project's developers to recover debts.

Industrial and Commercial Bank of China (Asia) Ltd.: Industrial and Commercial Bank of China (Asia) Ltd. is a subsidiary of ICBC, where Jiang Yisheng previously served as CEO. This information is provided within the context of a broader investigation into Jiang Yisheng's activities at ICBC's Macao branch.

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What Happened When

2017：: Ng Lap Seng was convicted of bribing U.N. ambassadors, including a former president of the U.N. General Assembly, John Ashe.

2018：: Ng Lap Seng was sentenced to four years in prison and fined $1 million.

2018 to 2023：: Jiang Yisheng served as chairman of ICBC's Macao branch.

2019 to 2022：: ICBC Macao was one of ICBC’s most profitable overseas subsidiaries.

End of 2020：: ICBC Macao's nonperforming loan ratio (NPL) was 0.3%.

2023：: ICBC Macao’s net profit dropped to $7.6 million from $285 million the previous year; Jiang Yisheng was removed from his post as chairman.

End of June 2023：: ICBC Macao's NPL reached over 2.8%.

December 2023：: Moody’s credit rating report noted a decline in asset quality and profitability of ICBC Macao's property-related loans.

Earlier in 2025：: ICBC Macao took disciplinary action against Jiang Yisheng due to major flaws with the loan’s collateral.

June 18, 2025：: The Macao Court of First Instance issued a notice that ICBC Macao had applied to freeze the assets of Ng Lap Seng and his son to recover outstanding debts.

Monday, July 1, 2025：: Caixin made several calls to Jiang Yisheng’s cellphone but received no answer; sources reported Jiang had become unreachable.

AI generated, for reference only