When the former chair of China’s biggest manager of distressed debt was executed in January, the focus had been on the Rmb1.8bn ($280m) of bribes he had been found guilty of taking.
The amount misappropriated by Huarong Asset Management’s Lai Xiaomin, whose crimes included abusing the power to allocate credit and bigamy, was the highest since the founding of the People’s Republic of China in 1949, according to the judge that presided over the case.
But investors’ attention has now turned to a number many times bigger: the $22bn of dollar-denominated bonds owed by the state-owned company.
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