When deals go bad: China state firm managers spooked by new liability rules
Business development managers at Chinese state-owned firms have been put on notice: mess up on M&A deals and you can be held personally liable - for life.
Under new rules unveiled by China's State Council, or cabinet, last month, managers will be held accountable if they "fail to, or incorrectly, perform their duties" with respect to deals that result in a loss of state assets.
A lack of specifics has prompted bankers and lawyers to say this is a draconian catch-all clause that is already slowing deal-making at Chinese state-owned enterprises (SOEs).
Sanctions include pay... read more
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