China Renaissance Holdings said on February 26, that its missing CEO Bao Fan is currently cooperating with Chinese authorities on an investigation.
This is the first time the bank has given a reason for the disappearance of its founder. Bao Fan was reported missing 10 days ago at February 17. Still, no details about the investigation have been shared.
Reuters previously reported, that authorities took Bao earlier this month to assist in an investigation into the company’s former president, Cong Lin.
Shares of the company slumped last week after the news broke, that the company had been unable to contact Bao.
The CEO’s disappearance is the latest in a series of cases involving high-profile Chinese executives going missing due to a comprehensive anti-corruption campaign fronted by President Xi Jinping.
In 2015, at least five executives became unreachable without notice to their companies.
Source: yahoo.com
