Chinese banker Bao Fan He mysteriously disappeared almost a year before it was revealed by the country’s authorities that he was “cooperating with the investigation”. He resigned from his duties at the company he founded due to “health reasons”The company reported today.
In a statement sent to the Hong Kong Stock Exchange (where it is listed), investment bank China Renaissance assured that Bao will step down from his position this Friday (including chairman and CEO) “for health reasons and to devote more time to personal matters.” gave. family. The document states that “there are no other matters related to his resignation that should be brought to the attention of shareholders” and in which the company’s board of directors “expresses its deep gratitude” to the banker under China Renaissance’s leadership. “It has grown, expanded, overcome many challenges and reached important milestones along the way.”
In the same statement, China Renaissance also confirms: Current acting CEO Xie Yijing is confirmed to be in this position He also serves as chairman of the board of directors.
No sign of Bao
On February 16, 2023, The company reported Bao missingand stated that ten days later he “became aware that Mr. Bao was now there.” cooperate in an investigation This is being carried out by some officials of the People’s Republic of China”, but we do not give further details about it.
This second statement seemed to confirm the thesis presented by some media outlets that Bao’s situation was similar to that in 2015, when at least five executives from different companies disappeared in a similar manner; Among them was the chairman of the Fosun holding. Guo came forward with Guangchang, who was later revealed to be cooperating with authorities in an investigation.
The country’s business press has raised the possibility that the incident may be related to an investigation launched by authorities against Cong Lin, the former chairman of Chinese Renaissance, based on his years as an executive at ICBC, the country’s largest state-owned bank.
Bao, known as the ‘architect’ of some of the largest technology companies in the country, could try this move some luck From China and Hong Kong to SingaporeThat’s where it is trying to set up a fund to manage its assets by the end of 2022, according to the Financial Times. In August, nearly six months after his disappearance, China Renaissance said Bao once again continued to “cooperate” with this investigation. without providing any details as to its nature or the whereabouts of its founder and chairman.. At the time, the company said its operations remained “normal” under the oversight of its executive committee, adding that it would continue to “monitor developments on the matters noted above” and “will provide additional statements when appropriate.”
The company’s shares were frozen at the end of March last year after falling more than 27% following Bao’s disappearance, making it impossible to publish an audited results account for the 2022 financial year.
Anti-corruption campaign
Some media noted the connection between Bao’s case and an announcement made a few days after his disappearance by the powerful anti-corruption body of the Chinese Communist Party (CCP), vowing to strengthen its campaign against illegal behavior in the financial sector. This situation has so far resulted in the arrest and prosecution of many officials from regulatory authorities and senior company executives. Moreover, at the beginning of this year, this institution announced that it would increase pressure and penalties against corruption cases in various sectors, including the financial sector.
In recent weeks, Chinese authorities have arrested the second former chairman of state financial conglomerate Everbright (his successor was arrested months earlier) and the former vice chairman of the state-run China Development Bank. accused of taking bribes.
After coming to power in 2012, current CCP general secretary and the country’s president, Xi Jinping, launched an anti-corruption campaign in which several high-ranking Chinese officials were convicted of accepting million-dollar bribes. While this initiative, one of Xi’s star programs, has exposed significant cases of corruption within the CCP, some voices have suggested that it could also be used to end the political careers of some of his critics.