Bank stopped loan to CP group
A load for €4 billion (HK$44 billion) from the China Development Bank to Charoen Pokphand Group (CP group) to purchase shares in the China Ping An Group in mid-December 2012, has been halted.
According to the bank’s head office the load was stopped after the bank learned that unclear capital of “Mingtian (Tomorrow) System” controlled by Xiao Jianhua entered this deal of Charoen Pokphand acquiring China Pingan’s shares. According to the internal process of China Development Bank, it has sent risk alerts on this loan, and has notified the China Insurance Regulatory Commission (CIRC), which is, according to reports set to veto the Ping An sale.
The news caused both the A-share and H-share of China Ping An to take a dive, falling yesterday respectively 4.24% and 4.01%.
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