Exclusive-CICC Capital bans consulting firm Capvision after China crackdown-sources
HONG KONG: CICC Capital, a unit of Chinese investment bank CICC, has decided to stop using consultancy Capvision Partners' services, three sources said, as some financial firms review their ties with China's largest"expert network" group.
Capvision is the latest consultancy and due diligence firm to get caught in Beijing's sweeping crackdown on what state media describes as"intensifying" law enforcement aimed at protecting national security. In an internal memo issued on Tuesday, which was confirmed by sources with direct knowledge, CICC Capital's research division said it would ban all its teams from using Capvision for due diligence-related expert calls and inquires.
The ban will come into immediate effect, the memo said, adding that the research teams should also review previous dealings with Capvision. CICC, which handles media queries for the alternate investment arm, declined to comment. Capvision did not immediately respond to Reuters request for comment.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China probes Capvision in national security warning to consulting firmsHONG KONG :Chinese authorities have carried out an investigation into consulting firm Capvision Partners, state media CCTV reported on Monday, in a warning to other advisory firms as the country tightens its national security laws. Capvision, which runs the country's largest expert network group and has offi
Read more »
Chinese authorities probe consulting firm Capvision - Chinese state mediaHONG KONG : Chinese authorities have carried out a probe into consulting firm Capvision, state media CCTV reported on Monday. The disclosure was in a program by CCTV, which said that investigations by Chinese national security authorities had found that overseas institutions have used domestic consulting
Read more »
Exclusive-Bain Capital seeks to raise $4 billion for new global special situations fund - sourcesHONG KONG/NEW YORK : Bain Capital is seeking to raise $4 billion for a new global 'special situations fund' as the U.S. firm sees an opportunity to snap up distressed investments in a broad range of asset classes, two people familiar with the matter said. Bain Capital kicked off the fundraising at the s
Read more »
Russia launches new attack on Ukraine’s capital: officialsKYIV – Russia launched about 15 cruise missiles at Ukraine’s capital on Tuesday, the second attack in as many days, with air defence systems shooting all of them down, officials said, after air raid alerts blared over most of the country. “As at the front, the plans of the aggressor failed,” Serhiy Popko, head of the Kyiv’s city military administration, said in comments posted on the Telegram messaging app. Tuesday’s attacks – the fifth in May – came a day after Russia launched its biggest drone swarm yet in a renewed air campaign unleashed 10 days ago after a lull since early March. It also came on Russia’s Victory Day, one of its most commemorated public holidays, marking the anniversary of the defeat of Nazi Germany in 1945. “(They) try to kill as many civilians as possible – on this day,” Popko said. He said that according to preliminary information, there were no casualties in the attack that was carried out with cruise missiles from the Caspian Sea region. Falling debris fell on a house in the Holosiivskyi district in the southwest of Kyiv, Kyiv’s mayor Vitalii Klitschko said on his Telegram messaging channel, adding there were no casualties or much damage. In the often-targeted Shevchenkivskyi district of central Kyiv debris was found on a road. “Kyiv stood up again and will stand up in the future!” Popko said. REUTERS Read more at straitstimes.com.
Read more »
Sumitomo Mitsui Banking Corp sets up $200 million corporate venture capital fundSINGAPORE : Japan's Sumitomo Mitsui Banking Corp (SMBC) said on Tuesday it has co-founded a $200 million corporate venture capital fund called SMBC Asia Rising Fund in Singapore with Japan's venture capital firm Incubate Fund (IF).The fund targets start-ups that contribute to SMBC's businesses via collabo
Read more »
EU’s von der Leyen in Kyiv after Russian air strikes on Ukraine’s capitalThe trip falls on the European Union’s Europe Day. Read more at straitstimes.com.
Read more »