Shan Jiuliang, founder of the troubled Fanya Metals Exchange has not been seen since October 15, South China Morning Post reported, citing a statement to the Hong Kong Stock Exchange by animation studio Imagi, which is controlled by Shan. Caixin reported on Thursday that authorities were considering filing a case against Shan and Fanya based on charges of “illegally absorbing public savings”. Shan set up Fanya in Yunnan in 2010. The platform allowed traders to buy and sell 14 rare metals and borrow money from retail investors online with a 20% down payment. The online investment platform defaulted on more than RMB36 billion (US$5.55 billion) in July.
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