| ||
| ||
| ||
 |
|
|
|||||||||||||||||||||||||||||||||||||||||||||
Chinese tycoon under house arrest
Chinese property tycoon Zhou Zhengyi is under house arrest in Shanghai over suspected fraudulent dealings, according to a report in the state-owned China Securities Journal newspaper. A Shanghai municipal government spokeswoman, Jiao Yang, told a press conference on Tuesday Zhou was being investigated over "problems" at his trading, construction and property conglomerate, the Nongkai Group, the state-run Xinhua news agency reported. Zhou, also known under his Cantonese name of Chau Ching-ngai, is one of China's richest men, ranking 11th on a list compiled by U.S. magazine Forbes. Zhou is also chairman of Hong Kong-listed Shanghai Land Holdings Ltd. His wife, Mao Yuping -- also known as Sandy Mo -- is chairwoman of Shanghai Merchants Holdings Ltd. She was arrested at the weekend by Hong Kong's Independent Commission Against Corruption (ICAC), Hong Kong media, quoting sources at the commission, said she was subsequently released on bail of HK$10 million ($1.28 million). Mao was one of 20 people arrested on Sunday and Monday in connection with allegations that a syndicate used false documentation and bribery to get about $250 million in loans from the Bank of China. The bank is one of China's four largest, and its biggest dealer in foreign exchange. ICAC confirmed on Tuesday that those arrested included a former bank officer. In Shanghai, state auditors raided Nongkai Development (Group) Co on Tuesday and seized financial data, Reuters news agency quoted the Securities Journal as saying Wednesday. "The Shanghai authorities have placed Zhou Zhengyi under house arrest since May 26," the Securities Journal said. "Nongkai and its subsidiaries are being investigated for irregularities in their business dealings." Police and Nongkai officials declined to comment to Reuters. Shanghai Land and Shanghai Merchants have been suspended from trading on Hong Kong's stock exchange.
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
