Posted on Apr 24, 2023
US bank run victims were bailed out in 3 days. In China, many have been waiting a year | CNN...
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“America’s Silicon Valley Bank customers got their money back in three days. But China’s Henan village banks’ customers haven’t been given a cent in a year,” they wrote on white banners and posters held up during the demonstration.
US bank run victims were bailed out in 3 days. In China, many have been waiting a year | CNN...
Posted from edition.cnn.com
China
Protest
Banking
Posted 1 y ago
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LTC Eugene Chu
..."They showed CNN a video that Mrs Li filmed using her phone. Several men wearing street clothes can be seen surrounding their car and forcibly demanding them to get into their vehicles.
“We were locked up for 11 days. They illegally detained us and confiscated our bank cards, phones and wallets, and even my belt,” Mr Li said. “I tried my best to cooperate with them. Still, they beat me.”
The kind of extrajudicial detention the couple say they experienced is not uncommon in China. The aim is to prevent people with grievances from potentially traveling to Beijing to petition higher level authorities when they gather for major events.
“The government’s attitude is that as long as they’ve suppressed the people with problems, there is no need to pay back the money,” said Zhang, another bank victim and lawyer in Beijing. “It is completely different from how Silicon Valley Bank was handled.”
Zhang says many lawyers in China have been told not to represent bank victims, but since he’s a lawyer himself, he has halted his regular legal work and is pouring all of his energy into trying to recover the depositors’ funds.
Zhang has been in touch with many of the depositors, as he tries to mount various legal cases. He says many of them are dealing with anxiety or depression and are struggling to continue their previous jobs.
“Some depositors, myself included, can no longer survive,” Zhang said. “Because all of our money is stored there, some people may commit suicide, some depositors may hurt others. Everyone has a tipping point.”
..."They showed CNN a video that Mrs Li filmed using her phone. Several men wearing street clothes can be seen surrounding their car and forcibly demanding them to get into their vehicles.
“We were locked up for 11 days. They illegally detained us and confiscated our bank cards, phones and wallets, and even my belt,” Mr Li said. “I tried my best to cooperate with them. Still, they beat me.”
The kind of extrajudicial detention the couple say they experienced is not uncommon in China. The aim is to prevent people with grievances from potentially traveling to Beijing to petition higher level authorities when they gather for major events.
“The government’s attitude is that as long as they’ve suppressed the people with problems, there is no need to pay back the money,” said Zhang, another bank victim and lawyer in Beijing. “It is completely different from how Silicon Valley Bank was handled.”
Zhang says many lawyers in China have been told not to represent bank victims, but since he’s a lawyer himself, he has halted his regular legal work and is pouring all of his energy into trying to recover the depositors’ funds.
Zhang has been in touch with many of the depositors, as he tries to mount various legal cases. He says many of them are dealing with anxiety or depression and are struggling to continue their previous jobs.
“Some depositors, myself included, can no longer survive,” Zhang said. “Because all of our money is stored there, some people may commit suicide, some depositors may hurt others. Everyone has a tipping point.”
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