Failed Xinja scored secret China lifeline

Original article by Michael Roddan
The Australian Financial Review – Page: 13 & 14 : 21-Dec-20

Xinja recently handed back its banking licence to the Australian Prudential Regulation Authority following its failure to secure a $433 million injection from Dubai-based World Investments, while sources have stated that Xinja failed to secure any monies from Australian institutional investors. It has been revealed that Xinja secured a multimillion-dollar capital injection from a "shadowy" Chinese company during 2019, but that it kept the investment a secret; it is believed the company in question was called Happy Sino Steel.

CORPORATES
XINJA BANK LIMITED, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, HAPPY SINO STEEL, WORLD INVESTMENTS

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