Last year Baoshang Bank became the first Chinese lender to be take oven by the government in two decades. Photo: Bloomberg
Last year Baoshang Bank became the first Chinese lender to be take oven by the government in two decades. Photo: Bloomberg

Xiao Jianhua’s Tomorrow Group duped Baoshang Bank out of US$22 billion in loans, triggering Chinese lender’s collapse, PBOC says

  • Tomorrow Group, founded by vanished oligarch Xiao Jianhua, illegally borrowed US$22.3 billion from Baoshang Bank over the course of 14 years
  • Group interfered with Baoshang Bank’s daily business operations, chipping away at its risk controls, says article in Chinese central bank magazine

Last year Baoshang Bank became the first Chinese lender to be take oven by the government in two decades. Photo: Bloomberg
Last year Baoshang Bank became the first Chinese lender to be take oven by the government in two decades. Photo: Bloomberg
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