Senior Nomura official Charles Wang Zhonghe prohibited from leaving China amid probe: Report

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Exciting news! Mint is now on WhatsApp Channels :rocket: Subscribe today by clicking the link and stay updated with the latest financial insights! Click here! https://whatsapp.com/channel/0029Va91YSeGehEM6oMesj3d Cong Lin, a former executive at China Renaissance Holdings Ltd. who was called in by regulators a year ago and has since been arrested, worked with him at ICBC, according to the Financial Times, said Bloomberg in its report.

After playing a significant position in a strategic alliance between the companies, Cong departed ICBC to join China Renaissance, a regional investment bank established by Bao Fan, reported Financial Times, said Bloomberg in its report. As China's economy struggles and President Xi Jinping has cracked down on large segments of the private sector over the past three years, the investment environment has grown more unstable.

A crackdown on alleged wrongdoing, which began in late 2021 and is still going strong, has shaken the financial sector. As Xi began his third term in office, the dragnet expanded to its broadest level ever and complemented a wider administrative reorganisation, according to Bloomberg.

Six months after the once-high-flying banker's abrupt disappearance sent shockwaves across the nation's financial services sector, China Renaissance stated in August that Bao Fan was still "cooperating" in an undefined probe, said Bloomberg in its report. In China, a senior executive's sudden disappearance has come to denote a government crackdown or inquiry.

The person is described as helping with graft probes in a number of instances. Publicly traded companies frequently report losing communication with the executive and needing to conduct their own investigations into what occurred within