China bank calls documents ‘fake’ after bond default on Alibaba-linked platform

BEIJING: The fate of a defaulted US$45 million Chinese corporate bond sold through an Alibaba-backed online wealth management platform was thrown into doubt on Monday, after a bank said letters of guarantee for the bonds were counterfeit. China Guangfa Bank Co Ltd said guarantee documents, official seals and personal seals presented by the insurer of the bonds “are all fake” and that it has reported the matter to the police.