EGRNF - China's Embattled Property Developer Evergrande Falls In Deeper Pit: Police Detains Wealth Management Staff | Benzinga
Following China Evergrande Group's (OTCEM:EGRNF) inability to repay investors, Chinese authorities have taken certain employees from the company's wealth management division into custody.
This marks the initiation of the first criminal investigation against the beleaguered property developer since a colossal debt crisis struck it in late 2021.
The detentions of its official indicate a potential new investigation that could further compound the company's existing problems.
During protests by disgruntled investors at Evergrande's Shenzhen headquarters in 2021, Reuters noted, Du Liang was identified by staff as the general manager and ...