The China Banking and Insurance Regulatory Commission (CBIRC) announced Monday for the first time that it has agreed to allow insolvent Baoshang Bank to enter liquidation and bankruptcy proceedings. As early as seven months ago, the bank’s assets had already been gobbled up by various governments. The central government’s clever tactics to seize the bank’s assets, including those of the Tomorrow Group, have also caught the eye of various sectors.
The China Banking and Insurance Regulatory Commission (CBIRC) announced on Monday that it has agreed in principle to allow Xiao Jianhua’s Tomorrow’s Bank of China (BOC) to enter bankruptcy. This is the first time since the bank’s fermentation more than a year after the controversy, the authorities issued a “death sentence”. As early as the 11th of this month, the China Banking and Insurance Regulatory Commission (CBIRC) has issued a notice, saying that the bank has been “unable to survive the trigger event”.
Notably, the Beijing No. 1 Intermediate People’s Court ruled on Monday to accept the bankruptcy case of Baoshang Bank on the same day. The announcement said that the creditors of Baoshang Bank should declare their claims to the administrator of Baoshang Bank before January 4, 2021, and the debtors or property holders of Baoshang Bank should pay their debts or deliver their property to the administrator of Baoshang Bank.
The banker Mr. Zhu told this reporter that the bank was divided before declaring bankruptcy and liquidation, which is a problem in itself. He said, whether Xiao Jianhua’s 3 trillion assets of the tomorrow system or Wu Xiaohui’s Anbang system was purged, it is a reflection of the absolute monopoly by the government.
Mr. Zhu said, “In case of bankruptcy and liquidation, the main body will be gone. Strictly speaking, the decision should be made by the bankruptcy administrator, whose general principle is to try to save as much as possible. Even Anbang has to be dismantled, you can imagine. Tomorrow the entire asset inventory may also be dismantled. This kind of financial oligarchy could not be allowed to exist under the Communist rule.
Baoshang Bank became the first bankrupt bank in mainland China. The official media on the mainland reported that “the risk disposal is about to be closed”. But according to documents from the Finance Department of Inner Mongolia, more than seven months ago, Baoshang Bank was officially taken over and renamed Mengshang Bank for operations.
The reporter called the headquarters of the Bank of Mongolian Merchants, and a source from the institution said that since April of this year, they have completed the application, the application for a new license and the application to open a business. The original Baoshang Bank’s more than 200 outlets in Inner Mongolia have been changed by the government to operate under the name of Mengshang Bank.
Monarch Bank: all of the former Baoshang Bank’s business within the Inner Mongolia Autonomous Region has been taken over by Monarch Bank. We were approved on April 9, 2020, April 29, 2020 was the opening application of the Monarch Bank. Our line of words, is in April 30, 2020 to complete the industrial and commercial registration, we are currently the largest holding is the Inner Mongolia Finance Department. The original Baoshang Bank all the outlets have now been changed to Mengshang Bank.
The first thing that you need to do is to make sure that you’re getting the right amount of money for the right reasons.
The employee also emphasized that they are now a wholly state-owned bank.
The bank’s personal business has been taken over by the bank. The personal business of Baoshang Bank has been moved to our Mengshang Bank. The bank’s personal business has been moved to the Mengshang Bank, and the bank’s original public business, that is, the public accounts opened in our branches, have also been moved to the Mengshang Bank. The Bank of Monshang is 100% state-owned.
On January 27, 2017, financial predator Xiao Jianhua was suddenly taken away by unknown persons in Hong Kong and went missing, but it was later confirmed that he was taken away by mainland police and is still under control. His assets were quickly split up and sold.
On July 17 this year, the CBIRC suddenly announced the takeover of six organizations under the Tomorrow Group, including Tian An Life Insurance, China Life Insurance, Tian An Life Insurance, Yi An Life Insurance, New Era Trust and Xin Hua Trust, triggering a public protest by Tomorrow Holdings, but the protest statement was quickly deleted from the official website.
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