Shenzhen Development Bank’s ex-chair arrested – Tom Mitchell

From the Financial Times (link)

China’s only foreign-controlled bank on Thursday confirmed the arrest of its former chairman and communist party secretary for alleged financial offences, highlighting some of the unique risks faced by overseas investors in the sector.

According to a statement prepared by Shenzhen Development Bank, Zhou Lin and three other of its former employees were arrested in connection with the granting of allegedly illegal loans. SDB is 18 per cent held by Newbridge Capital, whose multi-year effort to acquire the Shenzhen-based lender was bitterly opposed by Mr Zhou.

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