The arrest of Liu Shiyu, former chairman of the China Securities Regulatory Commission, is unlikely to derail the programme to open up China's financial markets.
The new investigation could fuel additional lawsuits against Nobel and perhaps also banks associated with the commodities trader. It might disrupt its imminent debt restructuring too.
The Chinese dairy company was damaged by a cash crunch that saw HK$32.07 billion ($4.12 billion) wiped off its market capitalisation. FinanceAsia looks back at how problems for investors and bank lenders unfolded.