Disappearance of Wanda Hotel Board Member
Ding Benxi, who had previously served as president of Dalian Wanda and is now a retired non-executive director for the hospitality branch of the Chinese conglomerate, has vanished, marking the third disappearance among Wanda’s executives this year. This happens as the corporation faces pressure to manage its debt and attempts to relaunch an IPO for its mall operations that has been put on hold.
Inability to Contact Ding Benxi
Since September 1st, officials at Wanda Hotel Development have lost contact with Ding, prompting a significant corporate reaction. In a public disclosure to the Hong Kong stock exchange, they’ve announced a special general meeting aimed at dismissing Ding from his position and considering the appointment of Liu Yingwu, a seasoned employee, as a new executive director.
Corporate Changes Amidst Disappearances
The disappearances are not limited to Ding Benxi. Previously, two other associates with ties to Wanda also vanished: Qu Dejun, vice chairman of the Hong Kong-listed Seazen Group and former Wanda executive, and Liu Haibo, senior vice president and head of investment at Wanda. This series of events suggests turbulent times within the Wanda Group, concerning both internal corporate governance and the group’s ongoing financial strategies.
Details on Qu Dejun’s and Liu Haibo’s Disappearances
Regarding Qu Dejun, reports have surfaced that he might be assisting authorities with inquiries related to his past at Wanda, raising speculation about the circumstances of his disappearance. Similarly, Liu Haibo’s arrest appears to be connected to internal anti-corruption efforts at Wanda, alluding to larger issues within the company.
Ding Benxi’s History with Wanda
Ding’s association with Wanda dates back to 2001, having held significant roles including that of president, until his retirement in 2020. His slated removal, alongside the appointment of a new director, is set to be discussed in an upcoming special meeting, highlighting the current restructuring phase within the Wanda Hotel segment.
Wanda’s Financial Struggles and IPO Challenges
These incidents occur against a backdrop where Wanda’s chairman Wang Jianlin is engaged in a challenging balancing act to publicly list the group’s mall division, amid financial distress and restructuring efforts. Recent developments have seen a reshuffling of investment stakes and a crucial bond payment extension, providing temporary relief to the conglomerate’s financial woes
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