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rickn23

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rickn23

Re: rickn23 post# 34333

Tuesday, 07/09/2019 4:01:58 PM

Tuesday, July 09, 2019 4:01:58 PM

Post# of 34405
Chinese Wealth Manager Claims $490 Million Fraud Behind Missed Repayments

https://www.bloomberg.com/news/articles/2019-07-09/china-s-noah-claims-490-million-fraud-behind-missed-repayments


The asset manager has filed a lawsuit and reported Camsing to regulators in relation to a 3.4 billion yuan ($490 million) asset management product that’s in danger of default, Wang Jingbo, Noah’s chief executive officer and co-founder, said in an internal memo on Monday that was obtained by Bloomberg News. The product’s duration will be extended by as much as one year to ensure repayment, Wang said in the memo, the contents of which were confirmed by a spokeswoman.
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