VCREDIT (02003.HK): subsidiary's funds of RMB 313 million have been frozen
- The technical services cooperation with the insurer ended in 2019, with the relevant payments made in 2018 and 2019.
- The Company said no group member, director or employee is a subject of the investigation or has been served with any application or summons.
NewTimeSpace News: On 22 October 2026, VCREDIT Holdings Limited (stock code: 02003) said it received on 15 October a judgment from the Linwei District People's Court of Weinan City and a ruling from the Intermediate People's Court of Weinan City, both against an employee of an insurer and an employee of an insurance agency after a supervisory commission investigation. The documents mention proposed recovery of payments the insurer made to various parties, including payments to the Company in 2018 and 2019.
The technical services cooperation with the insurer ended in 2019. About RMB 313 million in bank accounts of a subsidiary is currently frozen under temporary protective measures. The Company said all payments were made under valid contracts, no group member, director or employee is a subject of the investigation or has been served with any related application or summons, and the Board cannot yet assess the impact while seeking legal advice.
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