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

July 2, 2014 Leave a comment

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

Filed under Macro Trends

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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