Chinese exchange head mobbed by angry clients

26 August,, Lagos – Mr Shan, head of a Chinese exchange specialized in trading minor metals was abducted and turned over to Shanghai police, by a bunch of disgruntled investors. In an attempt to instigate a thorough investigation by the authorities into the activities of the exchange. Customers have had their funds frozen, for some time now, hence prompting the desperate action of the mob.

The protests have been on for weeks now, following the seizure of payments for financial investment products by the Fanya exchange since July. The exchange offers high interest, highly-liquid investment products from its offices in Shanghai and its financing branch in Kunming.

Fanya denounced the weekend’s raid. “Violent acts against president Shan and our employees or the disturbance of our work are destructive of our work around solving the crisis. This will only allow forces behind the scenes to profit and will greatly harm interests of all members,” it said on its website after Mr Shan’s capture.

Mr. Shan was taken into custody by the Shanghai police, promising to work with local authorities in Yunnan province to investigate what has happened to investors’ money. They later released him without charge.
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Fanya, which is estimated to hold several years’ supply of minor metals used in some high-tech and military applications, which it purchased at above-market prices. The exchange began facing liquidity issues began in the spring, causing anticipation of a pressure on prices on some of these metals, as traders anticipate it will have to sell its stockpile.

According to the report from FT, Fanya acknowledged it has problems, leading up to the capturing of the Chinese exchange head. The firm is backed by several of China’s minor metals miners. It has said it has found a buyer, but won’t identify the company. Mr Shan “was deceiving us. He admitted to us that there is no buyout group,” said one disgruntled investor surnamed Gu, who participated in the rainy early morning raid.

Many investors told the FT they were attracted to Fanya financial products because it advertised on CCTV, the national broadcaster. Despite its current problems its financial products are still promoted on the high-speed train from coastal city Tianjin to Beijing.

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