Bao Fan's disappearance in February last year shocked China's business and investing community.

Chinese billionaire banker Bao Fan, who has been missing for almost a year, has resigned from all roles at his firm, China Renaissance Holdings.

He stepped down “for health reasons and to spend more time on his family affairs,” the bank said in a statement.

Mr Bao’s unexplained disappearance in February last year shocked China’s business and investing community.

Just days later, China Renaissance said he was cooperating with authorities who were conducting an investigation.

In its latest filing, the company said co-founder, Xie Yi Jing, will assume Mr Bao’s most senior roles.

    • corus_kt@lemmy.world
      20·
      5 months ago

      Isn’t this like an evil being devoured by a greater evil? It’s not like the power and money is being returned to the people.

      • psycho_driver@lemmy.world
        17·
        5 months ago

        I know China is the boogie man, and truthfully they do some foul stuff, but if you look at their infrastructure improvements over the past 40 years I’d say they’re doing a hell of a lot more of returning wealth to the people than western societies.

        • corus_kt@lemmy.world
          10·
          5 months ago

          Elaborate on infrastructure improvements? China’s massive property crisis, ageing population, and government that is so iron fisted it gets offended by other countries existing and 64 as a sequence of numbers. Plus the leadership just elected itself extra terms. China is a sidegrade at best.

    • Che Banana@lemmy.ml
      821·
      5 months ago

      So I get the sentiment, but you ever think about the long term consequences of something like this?

      For example: one day the billioares are getting taxed 75%, and are audited frequently by the irs…a generation or two and a few bucks to the right political group later and middle-lowrr class now shoulder the tax & audit burden.

      We would all be cheering if Bezos & Musk “dissappeared” today, but it would be us disappearing tomorrow.

      EDIT: oh no, I didn’t mean “don’t tax the wealthy” I meant to refer how taxes USED to be more proportional but they used wealth and influence to shift the burden.

      Basically I ham fisted the analogy.

      • Madagaskar_sky@lemmy.world
        141·
        5 months ago

        What billionaire pays 75%? That was before Nixon i think.

        …a generation or two and a few bucks to the right political group later and middle-lowrr class now shoulder the tax & audit burden.

        But that already happens? They reduced the IRS budget and now all they can do is audit single digit millionaires and middle class people.

        • Che Banana@lemmy.ml
          2·
          5 months ago

          This was my analogy…you could cheer now but regret it later when the government thinks you’re a “problem”

      • ickplant@lemmy.world
        141·
        5 months ago

        Your reason not to tax and audit billionaires is “we’ll get taxed and audited too?” Newsflash, we already do.

        • Che Banana@lemmy.ml
          23·
          5 months ago

          Ok so you misunderstood the point. I was NOT saying don’t tax the wealthy.

          If the Government disappears someone, even if it’s a popular thing, those with wealth will eventually get the focus directed at the mid/poor…the example I made was the way taxes used to be more proportional for the wealthy.

          So if there is no accountability, anyone in disfavor of whomever is in power can just be “dealt with”.