A whistleblower from one of China’s most powerful banks says its shady dealings highlight how Hong Kong’s financial system is increasingly at the mercy of Beijing.
Illustration by Luis Grañena
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The roadshow kicked off on a steamy autumn morning in Singapore. Over the course of two days, CLSA, a Hong Kong-based brokerage firm, hyped up a $250 million, three-year bond deal for CEFC China Energy Co., a huge oil and gas firm.
It was 2016, and CEFC was flying high. The company was fresh off a deal to take a stake in a Kazakhstan oil and gas company and a Czech Republic-based bank, plus t
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