Here is a better article that exposes more detail about this situation: https://www.bloomberg.com/news/arti...s-15-9-billion-loss-in-2020-flags-asset-sales So basically the company was created by the central government to buy bad debts from banks who lent to companies that went under during the Asian Financial Crisis. And then to finance the purchase, the company borrowed from domestic and international investors abroad and now it's about to become bad debt itself. It's nothing new really as we know for years about Chinese banks' write-off of their bad debts incurred by their corporate clients. But what concerns me more is this: "Huarong has $238 billion in different liabilities -- including more than $20 billion of offshore bonds -- and has drawn close scrutiny from investors across the world. " Everybody was all worried about US not able to make debt payments to China if China comes calling. Well it looks like it will be US and the west comes calling first after all. and this: "Huarong’s auditor Ernst & Young expressed reservations on the company’s income and cash flow statements for 2020, as it was unable to obtain “sufficient appropriate audit evidence” to ascertain whether any of the associated gains and losses recognized by Huarong in 2020 should have been recorded in previous years." In a way, it's expected. If there is one tiny rug left that they sweep their s*** under, they will sweep it under instead of letting it exposed. Why expose something when it's not absolutely to do so? Now all it comes down to is how the Chinese government is going to bail it out.
To me, more like being silenced. He was executed for corruption and taking bribes. Well who were bribing him? How and why? Those are the questions that now we would never know the answer for... This company is single-handedly created by the Chinese central government. It's connected to every single branch of government and businesses connected to them.