China Renaissance chairman’s detention extended by 3 months -report
8:16 am Wednesday, May 31st, 2023
BEIJING (Reuters) – The detention of Bao Fan, chairman of investment bank China Renaissance Holdings, has been extended for another three months beginning May 7, Chinese financial publication Economic Observer reported on Wednesday, citing sources.
Bao was taken away by disciplinary and supervision officials on February 7 and detained, the report said.
Among the agencies handling the case are the international cooperation bureau of the Central Commission for Discipline Inspection, China’s anti-graft watchdog, and anti-graft authorities in the capital city of Beijing, per the report, identifying Bao’s alleged crime as organizational bribery.
China Renaissance did not immediately respond to a Reuters request for comment.
The bank has said it would delay its audited annual results and suspended its stock trading from April 3, after mainland authorities took away its chairman to co-operate with an investigation.
Late in February, the bank said in an exchange filing that Bao, its star dealmaker, was co-operating with authorities in their investigation.
Bao’s disappearance in February saw shares in the investment bank plunge as much as 50%. Its shares are down about 10% this year.
Bao is known to be well connected in the corporate world and was involved in a string of high-profile tech mergers including the tie-up of ride-hailing firms Didi and Kuaidi, and food delivery giants Meituan and Dianping.
(Reporting by Beijing Newsroom; editing by Andrew Heavens and Jason Neely)
