Chinese bank says missing chairman is cooperating with Chinese authorities in an investigation

BEIJING: China Renaissance Holdings said in an exchange filing on Sunday (Feb 26) that its missing chairman and star dealmaker Bao Fan was currently cooperating with relevant Chinese authorities conducting an investigation.

This is the first time the China-based boutique bank has given a reason for the disappearance of its founder, though no details about the investigation were shared.

“The Board would like to reiterate that the business and operations of the Group are continuing normally,” the bank said in the exchange filing.

Reuters previously reported, citing sources, that authorities took Bao away earlier this month to assist in an investigation into a former colleague, Cong Lin, the company’s former president.

Shares of the company slumped last week after it said in an exchange filing that the company had been unable to contact Bao.

The dealmaker’s disappearance is the latest in a series of cases of high-profile Chinese executives going missing with little explanation during a sweeping anti-corruption campaign spearheaded by President Xi Jinping.