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China regulators seize Sichuan Trust to force restructuring

Move part of closer oversight of once free-wheeling $3.1 trillion trust industry

The China Banking and Insurance Regulatory Commission. Its Sichuan branch sent a working team jointly formed with the local government to supervise the operations of Sichuan Trust.   © Reuters

Regulators took control of Sichuan Trust after the local trust company failed to deliver a satisfactory resolution of a $3.6 billion investment repayment crisis that has dragged on since May.

The Sichuan branch of the China Banking and Insurance Regulatory Commission (CBIRC) sent a working team jointly formed with the local government to supervise the operations of Sichuan Trust in southwest China's Sichuan province and carry out a management reshuffle, the CBIRC branch said Tuesday

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