hangzhou money manager goes missing with bln yuan
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Hangzhou money manager goes missing with bln yuan

Arab Today, arab today

Arab Today, arab today Hangzhou money manager goes missing with bln yuan

Wangzhou
Hangzhou - XINHUA

Police in the eastern Chinese city of Hangzhou are hunting the boss of a wealth management company who disappeared with about a billion yuan (153 million U.S. dollars) of investors' money.

Investors in Wangzhou Fortune have been reporting problems with the company's cash flow since April 18. More than 20,000 people have invested a total of about 2.2 billion yuan in the company, which has dozens of branches in major Chinese cities, Hangzhou police told Xinhua on Sunday.

The conglomerate Wangzhou Group, parent of Wangzhou Fortune, confirmed its chairman Yang Weiguo's disappearance on Thursday. Wangzhou Group also closed its shopping mall in Hangzhou after the scandal emerged.

To repay investors, Wangzhou Group will retrieve about a billion yuan after receiving principal and interest payments from its lending. It will try to cover the 1.2 billion yuan gap by selling properties, according to a statement from the company.

Wangzhou Group has more than 200 subsidiaries in commerce, automobiles, health and wealth management, including Wangzhou Fortune. It employs some 7,000 people in 70 cities.

Source: XINHUA

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

hangzhou money manager goes missing with bln yuan hangzhou money manager goes missing with bln yuan

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

hangzhou money manager goes missing with bln yuan hangzhou money manager goes missing with bln yuan

 



GMT 12:48 2016 Sunday ,27 November

Cilic, Dodig push Croatia to brink of Davis Cup

GMT 05:24 2017 Thursday ,28 December

Erdogan says 'terrorist' Assad cannot be part of Syria

GMT 12:59 2016 Saturday ,05 November

WB welcomes economic reforms in Egypt

GMT 18:40 2016 Saturday ,05 November

Egyptian GDRs in London down

GMT 10:57 2017 Wednesday ,06 December

Peru striker Guerrero has doping ban extended

GMT 17:51 2017 Tuesday ,07 March

Trump Signs New Travel Ban on Six Muslim Countries

GMT 10:30 2017 Wednesday ,06 September

Saudi Information Ministry praises media role during Hajj

GMT 15:29 2017 Tuesday ,24 January

Mind games really do help your brain

GMT 06:55 2015 Thursday ,01 October

Boston Red Sox beat Yankees

GMT 08:17 2017 Monday ,28 August

Bahrain celebrates World Humanitarian Day 2017

GMT 02:07 2017 Tuesday ,28 February

Opposition seeks Russian support at Syria talks
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday