China News: The founder of a private equity fund in China has gone missing after an investigation into alleged fraud with his firm. Finance magazine Caixin has informed on Thursday that Wang Chaoyong, the founding chairman and chief executive of ChinaEquity Investment Company Limited, has gone missing for the past several days.
According to the information, Wang Chaoyong, a former Wall Street banker is also said to have been accused of fraud in his firm. After the investigation began, on November 30, the police in Beijing called Wang Chaoyong for interrogation. After which Wang Chaoyong did not appear in public, with this he is said to be missing.
According to information currently being received from finance magazine Caixin, 56-year-old Wang Chaoyong was last seen on the afternoon of November 29 at his office in the Chinese capital’s central business district. Wang, who worked at JP Morgan and Morgan Stanley, still appears prominently on the company’s website.
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According to the report of finance magazine Caixin, it is being told that Wang Chaoyong had misappropriated money from the company’s funds earlier this year. On which Wang has been found guilty of breaching the company’s contract.
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In 2015, according to Wang’s company website, his firm was selected by Forbes as one of the Top 25 Venture Capital/Private Equity Firms in China. Which was valued with an equity value of over $3 billion.
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