A former general manager of
China Huarong International Holdings, Bai Tianhui, has been
sentenced to death by a court in the northern city of Tianjin
for taking bribes, state broadcaster CCTV reported.
Cover Story: The Herculean Task of Bailing Out Huarong - As the scandal-plagued bad asset manager reports $15.9 billion of red ink for 2020, it may have to raise almost that much from investors and asset sales
There is pressure to resolve the fate of China’s bad debt manager Huarong
Six months after President Lai Xiaomin was found guilty of corruption and executed, Huarong Asset Management, the fate of China’s biggest bad debt manager, is no clearer and its commitment to Beijing is growing.
One of the four state-owned asset management companies created in 1999 to clear the debts of the banking sector after the Asian financial crisis, the turmoil in Huarong has deepened since Lai’s death.
The failure to release its financial accounts for 2020 and the lack of Rmb1.7tn ($ 261 billion) in assets on the balance sheet has caused major uncertainties in the $ 22 billion in bonds the group sold to international investors.
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