×

Camsing Owner at Center of Fraud Allegations

Ching Lo, the businesswoman who heads Camsing International, which owns Stan Lee’s Pow! Entertainment, is at the center of a web of massive fraud allegations, Chinese media reported Wednesday. Noah Holdings, one of China’s largest private wealth managers, is suing Camsing and e-commerce giant JD.com.

It emerged Monday that Ching had been arrested by Shanghai’s Public Security Bureau. According to a regulatory filing by another Ching-headed company, Boxin Investing, she was taken into custody June 20, followed by Boxin CFO Jiang Shaoyang five days later.

Noah is understood to have alerted the police after suspecting that $490 million (RMB3.4 billion) of asset-management products backed by Camsing Global’s accounts receivable from JD.com were close to default.

JD.com denied any involvement in the alleged fraud. It acknowledged Camsing as a supplier, but said that Camsing had faked contracts with it. JD.com and Noah are now trading accusations as to whether Noah had done sufficient due diligence on the eight Camsing financial products.

Privately held Camsing Global is believed to control Boxin, Hong Kong-listed entertainment-to-property business Camsing International, and Singapore-listed Camsing Healthcare. Camsing International bought the late Stan Lee’s Pow! Entertainment in 2017, operates a merchandising business based on international and local characters, and last year announced plans to launch a nationwide chain of mini-entertainment complexes.

“Pow! Entertainment is one of many subsidiaries of Camsing International Holdings,” Pow! in a statement Monday. “We have been and will continue to be an independent operating unit with a separate and autonomous U.S.-based management team. The news today is disturbing to us but will in no way impede our single-minded dedication to our mission as the guardian of the legacy of our founder Stan Lee, the greatest storyteller of our time.”

On Wednesday, Chinese financial publication Caixin said that other fraud allegations may be about to surface. “Similar debates arose between Yunnan International Trust Co. and [retail giant] Suning involving products that raised more than $145 million (RMB1 billion) for Camsing Global, and backed by pending payments from Suning,” it said. The financial product was issued Xiangcai Securities.

Caixin said that Yunnan Trust has reported the matter to the police, but Xiangcai has not yet followed suit. Camsing is understood to have marketed other financial products created for it by COFCO Trust, National Trust and Donghai Ruijing Asset Management.

Caixin cited unconfirmed sources as saying that 10 staff had been detained by police, and one from Noah. It did not say if any were released.

Camsing shares have tumbled from HK$4.76 at the close of business last Friday to HK$0.58 on Wednesday, after three consecutive days of falls. Noah’s New York-listed ADR shares traded at $34.47 on early Wednesday, down from $44.69 at the end of Friday.

Popular on Variety

More Film

  • Noele trailer Anna Kendrick

    Disney Unveils 'Noelle' Trailer Starring Anna Kendrick, Bill Hader

    Among the many announcements at the D23 Expo, Disney debuted the first look at holiday feature “Noelle,” which is set to premiere exclusively on Disney Plus this fall. “It isn’t Christmas without Santa’s Sister,” Walt Disney Studios said of the film on Twitter. Starring Anna Kendrick and Bill Hader, the Christmas flick tells the story [...]

  • A Hidden Life Movie Austria

    Film News Roundup: Austin Festival Selects Terrence Malick's 'A Hidden Life'

    In today’s film news roundup, the Austin Film Festival selects a Terrence Malick title, “A Day Without a Mexican” gets a sequel and DCR Finance signs a first-look deal. FESTIVAL SCREENING The Austin Film Festival will screen Terrence Malick’s “A Hidden Life,” which won the Francois Chalais and Ecumenical Jury awards at the Cannes Film [...]

  • Blake Lively

    Blake Lively's 'Rhythm Section' Moved Back to 2020

    Paramount Pictures has moved the release date of Blake Lively’s “The Rhythm Section” back two months from Nov. 22 to Jan. 31, 2020, the weekend of Super Bowl LIV. The spy tale, adapted from Mark Burnell’s novels surrounding character Stephanie Patrick, is produced by James Bond producers Barbara Broccoli and Michael G. Wilson through their [...]

  • The Mandalorian

    'The Mandalorian': Watch the First Trailer for 'Star Wars' Series

    The gunslinging lone warrior — the Mandalorian, as they call him — calls the far reaches of the “Star Wars” galaxy home. Disney dropped the first trailer for the spinoff series during its biennial D23 convention on Friday, finally giving fans a closer look at the franchise’s newest character. “The Mandalorian” creator Jon Favreau, who [...]

  • Lady and the Tramp trailer

    'Lady and the Tramp': Disney's Live-Action Remake Gets First Trailer (Watch)

    Ready your dog-friendly bowl of spaghetti, Disney has debuted the first trailer for its live-action remake of “Lady and the Tramp,” starring Tessa Thompson and Justin Theroux. The teaser was released during Disney’s D23 Expo in Anaheim at the Disney + presentation. In addition to Thompson and Theroux, who play the Lady and Tramp, respectively, [...]

  • Mickey Mouse waves to members of

    Spider-Man, Spicer and Splashy First-Looks: Everything We're Looking For at D23

    As if Disney hasn’t owned enough weekends this year at the box office, the biennial D23 Expo will light up Anaheim, Calif. over the next three days to celebrate the content monolith. From a new Netflix-competing streaming platform to scores of movie and series reveals — along with a few hot controversies to confront — [...]

  • Angel Has Fallen

    'Angel Has Fallen' to Dominate Modest Box Office With $20 Million Weekend

    Gerard Butler and Morgan Freeman are leading the way at the North American box office with “Angel Has Fallen” on its way to about $20 million, early estimates showed Friday. Should forecasts hold, “Angel Has Fallen” will take in about double the next title, Universal’s second weekend of raunchy comedy “Good Boys” with about $10 [...]

More From Our Brands

Access exclusive content