BEIJING: In a Sunday exchange filing, China Renaissance Holdings stated that its missing chairman and prominent dealmaker, Bao Fan, was currently assisting relevant Chinese authorities in their investigation. The boutique bank with headquarters in mainland China has not disclosed any information about the investigation, but this is the first time it has provided a justification for the disappearance of its founder, who was last seen 10 days ago.
The bank stated, "The board would like to reiterate the group's business and operations are continuing normally."
According to sources cited by Reuters, authorities detained Bao earlier this month to assist in an investigation into a former colleague, former company president Cong Lin. During a comprehensive anti-corruption campaign led by President Xi Jinping, Fan's disappearance is the latest in a string of high-profile Chinese executives who have gone missing with little explanation.