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Automobiles

BMW's Chinese partner reveals unauthorized loan guarantees for parent

Substantial bank deposits also missing from Brilliance Auto subsidiary

A BMW car takes part in the Auto China show in Beijing in September 2020.   © Reuters

HONG KONG -- BMW's Chinese joint venture partner Brilliance China Automotive said Wednesday that a subsidiary has provided unauthorized guarantees for bank loans made to their bankrupt parent, Huachen Automotive Group Holdings.

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