The Pan Asia Nonferrous Metals Exchange was once an attractive investment platform that the government promoted in 2011. Over 220,000 people invested a total of 43 billion yuan (US$6 billion) in it. However, in 2015, it turned out that it was a Ponzi scheme and most people lost their money.
Investors have repeatedly appealed to both the Yunnan Provincial government and the central government to request help in order to recover their losses, but, so far, the government has provided no response.
Recently, a video was posted on YouTube with edited video clips promoting Pan Asia from the China Central Television (CCTV). These showed that the government was responsible for crediting and promoting Pan Asia in its earlier years. The video clips showed CCTV’s vigorous introduction of the nonferrous metal exchange platform, broadcasting Pan Asia’s collaboration with CCTV, and promoting Pan Asia’s business.
Source: Radio France International, September 24, 2016