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China is cheating, the CEO of a US publicly traded P2P company in Fincera for the alleged financial crimes

FILE PHOTO: Li Yonghui, president of the Hebei province, the largest peer-to-peer (P2P) lender Fincera, speaks to members of the media during a promotional event in Beijing, China, on August 21, 2019 at the latest. (REUTERS photo/Cheng, Ling

BEIJING (Reuters) – Chinese police on Friday detained the chairman and the chief executive officer of New York-listed Fincera, Inc. (“YUANF.PS) for suspected financial crimes.

Li Yonghui, a Canadian national, is suspected of the unlawful acceptance of public funds, the Shijiazhuang police in the north of Hebei, said in a post on the official social media accounts.

The police said that they detained Fincera shall be the legal representative of His House, and a number of other people. The company does not answer phone calls from Reuters seeking comment.

Fincera, the largest peer-to-peer lending platform in the province of Hebei by the loans be caught in a legal suppression of the country’s P2P companies were forced to close, according to documents acquired by Reuters, in August and September.

Reporting by Cheng Leng and Ryan Woo

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