authorities have arrested the former chief of one of the country’s
largest financial asset management firms, as cracks appear in the
risk-laden investment banking empire he helped construct.
No details were given about the case but Mr Lai has been under
investigation by China’s anti-graft agency since early this year. He was
expelled from the Communist party on accusations of taking bribes and
for “blindly” and in a “disorderly” manner shifting Huarong’s Rmb1.87tn
($270bn) business away from its core of distressed debt investing.