China | Will be back soon, says China money manager who fled with over $150m

Will be back soon, says China money manager who fled with over $150m

April 25, 2016 3:30 AM (UTC+8)

 

(From AFP)

The head of a Chinese wealth management firm who allegedly fled with more than $150 million in investors’ money surfaced in an online video on Monday saying he will “be right back”, as police searched for him.

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Yang Weiguo, chairman of conglomerate Wangzhou Group, disappeared with around 1.0 billion yuan ($153 million) last week, leaving thousands of investors unpaid, the official Xinhua news agency reported late Sunday.

A wealth management subsidiary which Yang manages, Wangzhou Fortune, has experienced cash flow problems since mid-April, the report said.

Wangzhou Fortune, which has operations in several cities including Shanghai and nearby Hangzhou, issued a statement last week saying Yang had vanished and the company had reported the case to police.

But in a video posted by the 21st Century Business Herald, Yang told investors not to worry.

“Hello everyone, it’s me,” said a man in a suit jacket and open-necked dress shirt identified as Yang. “Don’t worry, I will be right back.” Read More

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