July 16, 2020 / 11:06 AM / 19 days ago

Chinese regulator says will prevent majority shareholders manipulating firms

BEIJING (Reuters) - China will regulate shareholders of its banks and insurers and prevent the controlling shareholders from manipulating companies, said Liang Tao, Vice Chairman of China Banking and Insurance Regulatory Commission on Thursday.

China has found irregularities in small and medium-sized banks and insurers in recent years were rooted in problems with shareholder equity and connected transactions, Liang wrote in an article on the regulator’s website.

Reporting by Zhang Yan; Editing by Alex Richardson

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