Deloitte’s China arm was fined a record CNY 212 million for "serious" deficiencies in its audit work for China Huarong Asset Management between 2014 and 2019.
March 20, 2023The former president was abruptly removed from his post in April, after spending nearly nine years building CMB into China's top retail bank.
October 13, 2022The CBIRC had asked banks not to withhold loans from Huarong for at least six months, to help the company refinance its debt.
April 30, 2021The CBIRC says Huarong is actively cooperating with its auditor and will complete its annual report as soon as possible.
April 19, 2021Huarong’s failure to publish its earnings by its 31 March deadline has prompted concerns of a default by China's largest distressed debt manager.
April 16, 2021Convicted on bribery, embezzlement and bigamy charges, Lai Xiaomin will also be deprived of all political rights for life and have all of his personal property confiscated.
January 6, 2021China Galaxy Asset Management will receive its licence within ten days, and proceed with the necessary procedures to open for business in early 2021.
December 21, 2020Lai Xiaomin took almost 1.8bn yuan in bribes over ten years and colluded with others to embezzle over 25mn yuan in public funds. His sentence will be announced at a later date.
August 14, 2020The former chairman of Huarong Investment Stock Corp, Qin Ling, stands accused of using his position to seek benefits for others, accepting bribes, and embezzlement.
August 12, 2019