Former Wall Street banker Wang Chaoyong goes missing in China amid probe, not seen for 2 weeks: Report

Wang Chaoyong was wanted by the police on November 30 in Beijing. (File)

Beijing:

The financial magazine Caixin reported on Thursday that the founder of a private equity fund in China, a former Wall Street banker, has gone missing after Chinese authorities began an investigation into his actions. financial misconduct at his company.

Wang Chaoyong, founding chairman and chief executive officer of Chinaequity Investment Co, Ltd. was sought by police on November 30 in Beijing and has not appeared in public since, the magazine cited sources. incognito.

Earlier this year, unidentified regulators found the company had embezzled funds from the fund, pledged assets from the fund to finance related parties and breached contracts, Caixin reported.

Phone calls to Chinaequity’s Beijing office seeking comment went unanswered.

The economic investigation unit of the Chaoyang district branch of the public security bureau in Beijing could not be immediately reached for comment.

Wang, who has worked at JP Morgan and Morgan Stanley among other financial firms, still appears heavily on the company’s website.

The 56-year-old was last seen in his office in the central business district of the Chinese capital on the afternoon of November 29, Caixin reported.

According to the company’s website, in 2015, the company was rated by Forbes as one of the top 25 venture capital/private equity firms in China with an equity value of over $3 billion.

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