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As China’s embattled shadow banking giant Zhongzhi Enterprise Group Co. faces a criminal probe, lawyers and analysts are assessing the damage to investors. One estimate puts that at about $56 billion.
More than three quarters of investor cash would be lost, with just 100 billion yuan ($14 billion) being recovered from debt of as much as 460 billion yuan, according to one scenario outlined by Ying Yue, a lawyer at Leaqual Law Firm in Shanghai. He expects a slow and drawn out court process, based on the experience of other cases.
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