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Why Did the Chinese Executive Disappear? It’s ‘Personal’

Chinese companies struggling with how to disclose the departure of top executives amid a nationwide crackdown on corruption are adopting the favored euphemism of U.S. corporations: personal reasons.

On Saturday, China Minsheng Banking Corp. cited “personal reasons” for the resignation of its president as mainland media reported he was under investigation by authorities. A month earlier, developer Kaisa Group Holdings Ltd. said its chairman was quitting for “health reasons,” triggering a default on one of its loans. The company is being probed for links to a former Shenzhen security chief under investigation for alleged graft, two people familiar with the matter have said.