China Deepens Probe on Banks After Busted Bond Deal
- Industrial Bank, China Everbright are added to probe
- Defaults by state-owned firms have roiled credit market
This article is for subscribers only.
China’s market regulator expanded its investigation into bond sales for a state-backed coal miner that unexpectedly defaulted on payments last week, dragging in a number of banks, rating and accounting firms.
Industrial Bank Co., China Everbright Bank Co., Zhongyuan Bank Co., China Chengxin International Credit Rating and Xigema Certified Public Accountants are being probed for alleged irregularities, the National Association of Financial Market Institutional Investors said in a statement. Haitong Securities Co. was earlier this week also put under investigation.