Company says it is ‘grateful’ to Chinese authorities for releasing local staff after two years in detention.

China has released five staff of the due diligence firm Mintz Group after nearly two years in detention, the United States-based company has said.

Chinese authorities detained the five local staff in March 2023, marking the start of a series of raids on foreign consultancy and due diligence firms, including Bain & Company and Capvision Partners.

China’s National Bureau of Statistics announced later that year that Mintz Group, which has its headquarters in New York, had been fined $1.5m for undertaking “foreign-related statistical investigations” without the necessary approval.

“We understand that the Mintz Group Beijing employees who were detained, all Chinese nationals, have now all been released,” a Mintz Group spokesperson said in a statement provided to multiple media outlets on Tuesday.

“We are grateful to the Chinese authorities that our former colleagues can now be home with their families.”

The release of the employees follows the conclusion of the China Development Forum, which has long served as a platform for Beijing to promote the country to foreign investors.

This year’s edition of the forum, which wrapped up on Monday, was attended by dozens of top business leaders, including Apple’s Tim Cook, Pfizer’s Albert Bourla and Saudi Aramco’s Amin Nasser.

Speaking at the two-day gathering on Sunday, Chinese Premier Li Qiang pledged to expand market access for foreign investors and urged firms to resist the rising tide of protectionism.

“In today’s increasingly fragmented world with rising instability and uncertainty, it is more necessary for countries to open up their markets and enterprises… to resist risks and challenges,” Li said.

Mintz Group, which specialises in background checks and investigations into fraud and workplace misconduct, employs more than 280 investigators at 12 offices in 11 countries, according to its website.