The head of a Chinese wealth management firm who allegedly fled with more than $150 million in investors’ money surfaced in an online video on Monday saying he will “be right back”, as police searched for him.
Yang Weiguo, chairman of conglomerate Wangzhou Group, disappeared with around 1.0 billion yuan ($153 million) last week, leaving thousands of investors unpaid, the official Xinhua news agency reported late Sunday.
A wealth management subsidiary which Yang manages, Wangzhou Fortune, has experienced cash flow problems since mid-April, the report said.
Wangzhou Fortune, which has operations in several cities including Shanghai and nearby Hangzhou, issued a statement last week saying Yang had vanished and the company had reported the case to police.
But in a video posted by the 21st Century Business Herald, Yang told investors not to worry.
“Hello everyone, it’s me,” said a man in a suit jacket and open-necked dress shirt identified as Yang. “Don’t worry, I will be right back.” Read More