SHANGHAI, Dec. 8 (Xinhua) -- The investment failure of a wealth management product sold by a bank employee in Shanghai highlights the potential risks in China's huge wealth management market.
The case came under the spotlight when investors protested after finding that they could not take back their investments late last month when the first batch of the wealth management product matured.
Pu Tingting, an ex-employee at Jiading branch of Huaxia Bank in Shanghai, allegedly sold the product at the bank office, promising annual returns of up to 13 percent.
Pu has been sacked for what the bank said "selling privately," but investors said that the branch was aware of the wealth management product sales totalling 320 million yuan (51.4 million U.S. dollars).
Dozens of investors have been protesting in front of Huaxia Bank's Shanghai and Jiading branches over the past few days, demanding their investment be repaid.
Some of the investors are in their 70s, who invested millions of yuan in the wealth management product sold privately by Pu.
Spectacular images of erupting volcanoes
Feedback
RSS
