Former Wall Street Banker Goes Missing in China Amid Misconduct Probe: Caixin
A Chinese private equity investor with a pedigree from some of Wall Street’s top banks missing amid misconduct probe.
(Bloomberg) -- A Chinese private equity investor with a pedigree from some of Wall Street’s top banks has gone missing after authorities started a probe into allegations of misconduct, Caixin reported, citing people familiar with the matter.
Wang Chaoyong, the founder of ChinaEquity Investment Co., was sought by police on Nov. 30 in Beijing and hasn’t been seen in public since, according to the report. The 56-year-old was last seen in his office in the Chinese capital’s central business district on the afternoon of Nov. 29.
ChinaEquity earlier this year became the target of regulators amid allegations of a range of improprieties, including illegal transfer of interest, breach of contract and using assets of investors to fund connected parties, Caixin said.
The firm said in an exchange filing that it will look into the reports of Wang having gone missing. Its shares will be suspended from trading on the National Equities Exchange and Quotations market from Thursday, according to the company.
Wang had previously worked at JPMorgan Chase & Co. and Morgan Stanley, according to a biography on the firm’s website.
ChinaEquity was among the country’s earliest private equity and venture capital firms when it was established in 1999, Caixin said. At the end of 2020, it managed 36 funds in U.S. dollars and yuan, totaling 11.2 billion yuan ($1.8 billion), according to its annual report.
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With assistance from Bloomberg