Date
22 August 2017

Insurer may take on troubled China Credit product, paper says

A big insurer may take over a troubled trust product issued by China Credit Trust Co. Ltd and distributed by Industrial and Commercial Bank of China (601398.CN; 01398.HK), National Business Daily reported Friday, citing an unnamed source. The trust product, which is due to mature on Jan. 31, used funds raised from wealthy investors in 2010 to make a loan to unlisted company Shanxi Zhenfu Energy Group Ltd. But in May 2012, Shanxi Zhenfu vice chairman Wang Pingyan was arrested for accepting deposits without a banking license, raising the specter of a default.

–Contact HKEJ at [email protected]

KZ/AC/SK

 

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