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Chong Sing Reveals Scale of Fraud at Its Chinese Online Payments Unit

2020年06月22日 20:15 来源于 财新网
Regulators have threatened to revoke UCF Pay’s license unless 1.5 billion yuan of embezzled funds is repaid, company says
The fraud at UCF Pay is one of dozens uncovered by regulators amid a crackdown on the shadow banking industry that started in some three years ago.

Another domino in the troubled empire of Chinese financial conglomerate UCF Holdings Ltd., whose secretive controller died in London last year, is in danger of falling after its Hong Kong-listed unit disclosed a 1.5 billion yuan ($212 million) embezzlement at a mainland subsidiary and warned it may have to shut the business down.

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