Lufax refuses to pay unit鈥檚 sour loan
Print Edition
SHANGHAI-BASED peer-to-peer lender Lujiazui International Financial Asset Exchange Co, also known as Lufax, will not pay a 250 million yuan (US$40 million) bad debt that its subsidiary recently incurred, the P2P company said yesterday.
Its wholly owned subsidiary, Ping An International Factoring (Tianjin) Co, faced the bad debt after the chairman of Shanxi Jinziyang Agriculture Science and Technology Group allegedly embezzled funds last October.
As the parent company which operates lufax.com site, Lufax was asked last week whether it would pay off the debt.
“The bad loan case has already entered judicial process, and Lufax’s investors’ interest won’t be affected by the case,” Lufax said in a statement released on its website yesterday.
“Ping An International Factoring Co and Lufax both belong to Ping An Insurance, but operate separately to be responsible for its own profit and loss,” Lufax added.
Loans through P2P websites that allow individuals to borrow money from other individuals without going through banks accelerated last year to 252.8 billion yuan in China.
But concerns have been raised over increasing risks over defaults due to lack of regulations.
In January, Shengzhen-based Hongling Chuangtou E-commerce Co said it is pursuing legal action to recoup a 70 million yuan loan default by Senhai Gardening Landscape Co.
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