Fanya investors fret over lack of progress on their missing money [UPDATED]

Fanya investors are concerned by the lack of information coming out of the investigation into the collapse of the Kunming-based minor metals exchange since arrests were made in early February.

The most crucial aspect of the case for them is to hear where their investment money might have gone, some of their number have told Metal Bulletin. In the absence of official information, they are concerned about what actions are being taken by the regional and national governments, even though local authorities have hailed government intervention.
“The mayor of Kunming, Wang Xiliang, told media at the National People’s Congress [which runs until March 16] that the government’s reaction to Fanya had been efficient – freezing the exchange’s accounts, arresting its head and another 15 suspects and putting it into investigation – but most Fanya investors feel the government has not acted strongly enough,” one investor told Metal Bulletin this week.

“The suspects were arrested in early February, but no statements about the case have come out since then. [We want to know] what have Shan Jiuliang [Fanya’s...


Fastmarkets MB staff

March 23, 2016

16:40 GMT