Chinese Tech Banker Bao Fan Detained by Anti-Graft Watchdog, Detention Extended: State Media Report
According to a report from the Economic Observer, Bao Fan, a prominent tech banker in China who went missing in February, has been under the custody of the country’s top anti-graft watchdog, the Central Commission for Discipline Inspection (CCDI), since his disappearance. The CCDI is investigating suspected corporate bribery. The report states that Bao’s detention was recently extended for an additional three months, starting from May 7. The news of Bao’s disappearance has caused concerns in financial markets and China’s tech sector, leading to a significant drop in shares of China Renaissance, the boutique investment bank he founded and led as CEO. China Renaissance has not yet responded to media requests for comment.
The CCDI, responsible for combating corruption within the ruling Communist Party, has been conducting a wider crackdown on corruption in the financial sector. This campaign has resulted in the investigation of numerous senior executives from major financial institutions in China. As reported by the Economic Observer, Bao’s case is being handled by the CCDI’s international cooperation bureau and Beijing’s municipal anti-graft authorities.
The report further reveals that Bao’s detention is linked to another case involving Cong Lin, a former executive at China Renaissance and a long-time employee of China’s largest state-owned bank. Cong has been detained since September on matters related to his tenure at ICBC Financial Leasing, following his various executive roles at the Industrial and Commercial Bank of China. Chinese media outlets have previously reported the specifics of Cong’s detention.
