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Customers Say Company Founders of Kexun, a P2P lending site which received a credit endorsement from Internet giant Baidu, Vanished with Money

Customers Say P2P Company Founders Vanished with Money

Kexun, a P2P lending site which received a credit endorsement from Internet giant Baidu Inc., has been hit by a string of fraud complaints. At least 958 people had filed complaints by the morning of June 25 for possible investment losses worth nearly 57 million yuan in total, China Business News reports. Several customers allege the owners of the company have disappeared with the company’s funds as the site has been closed under the name of maintenance since June 9. The highest single investment was more than 2 million yuan from a Zhejiang investor. “Kexun” was a platform rated by Baidu’s Credibility V Project, a network credit system that determines a website’s comprehensive credit by collecting data including its business entity qualification, authenticity and word of mouth evaluation.

Read more at http://www.yicai.com/news/2014/06/3977165.html

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About bambooinnovator
KB Kee is the Managing Editor of the Moat Report Asia (www.moatreport.com), a research service focused exclusively on highlighting undervalued wide-moat businesses in Asia; subscribers from North America, Europe, the Oceania and Asia include professional value investors with over $20 billion in asset under management in equities, some of the world’s biggest secretive global hedge fund giants, and savvy private individual investors who are lifelong learners in the art of value investing. KB has been rooted in the principles of value investing for over a decade as an analyst in Asian capital markets. He was head of research and fund manager at a Singapore-based value investment firm. As a member of the investment committee, he helped the firm’s Asia-focused equity funds significantly outperform the benchmark index. He was previously the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. KB has trained CEOs, entrepreneurs, CFOs, management executives in business strategy, value investing, macroeconomic and industry trends, and detecting accounting frauds in Singapore, HK and China. KB was a faculty (accounting) at SMU teaching accounting courses. KB is currently the Chief Investment Officer at an ASX-listed investment holdings company since September 2015, helping to manage the listed Asian equities investments in the Hidden Champions Fund. Disclaimer: This article is for discussion purposes only and does not constitute an offer, recommendation or solicitation to buy or sell any investments, securities, futures or options. All articles in the website reflect the personal opinions of the writer.

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