China Trust Investors Demand Funds From ICBC After Bailout
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Chinese investors in a troubled high-yield trust product who were bailed out last month gathered at Industrial & Commercial Bank of China Ltd.’s Shanghai branch to demand more interest payments.
About 20 investors from Shanghai, Zhejiang, Beijing and Guangdong plan to ask ICBC for at least 256,600 yuan ($42,300) in interest owed to each of them, according to a statement from Chang Feng, a spokesman for the group. China’s largest bank, which distributed the $495 million product to its wealthy clients, and the trust company that issued it, are responsible for the payments, Chang said.