Tomorrow Holdings, the most secretive conglomerate in China’s capital markets, is facing dismantlement by the country’s top financial regulator.
On Aug. 3, the Inner Mongolia Supervisory Bureau, under China Banking and Insurance Regulatory Commission (CBIRC), announced a raft of penalties against the conglomerate.
New Times Trust, one of the financial institutions of Tomorrow Holdings, was fined 7 million yuan (about $1.03 million) for allegedly inadequate performance of duties by its board of directors.
The company’s three main chiefs, including the former chairman of the board, former chairman of the supervisory board, and the former president were all banned from a banking career for life, according to Chinese financial news Caixin on Aug. 4….