The Wall Street Journal with the report that Chinese police have raided the Shanghai offices of GroupM, a media-investment group and unit of London-based advertising behemoth WPP
- Shanghai police’s economic crimes investigation division said that three suspects at an unnamed advertising company had been detained on criminal charges of accepting bribes as non-public officials
Journal adds:
- The detentions come as concerns grow broadly among foreign companies in China over police raids, detentions, moves to block employees from leaving the country and various investigations involving foreign firms. Part of the worries have been driven by China’s updated anti-espionage law enacted in July.
On that new low, this from April was prescient:
On capital outflow I have a post coming up real soon on that, within the next 15 minutes or so. Outflow is skyrocketing.
Turned his back on enterprise.