HomeIndiaChinese billionaire arrested for illegal fundraising

Chinese billionaire arrested for illegal fundraising

The billionaire founder of the Chinese conglomerate Cedar Holdings, Zhang Jin, was arrested for the alleged illegal collection of funds estimated at about 20,000 million yuan (2,887 million dollars, 2,631 million euros), reports this Tuesday the Hong Kong newspaper South China Morning Post.

googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-1629474421914-0’); });

(The Chinese yuan gains weight as an international reserve currency).

Police in the southeastern city of Guangdong opened an investigation into the illegal takeover of deposits by Guangdong Yuanfang Investment, a subsidiary of Cedar Holdings, and announced the arrest of the main suspect, whom they identified only as Zhang.

The local press also echoed a statement from another subsidiary of the group, which assured that it had lost contact with the billionaire, owner of 70% of the firm and that, according to the economic media Shanghai Securities News, would be the aforementioned person arrested.

Zhang, 52, founded Cedar Holdings in 1997 after making money on the stock market; in 2021, the conglomerate had revenues equivalent to about 33.7 billion dollars thanks to its businesses in areas such as supply chains of raw materials, chemicals, culture, tourism or smart community services (‘smart’).* 100015*

(‘King’ dollar: his economic influence and chances of being dethroned).

In fact, Cedar Holdings was ranked 359 that year on the list of the 500 largest companies worldwide compiled by the prestigious Fortune publication.

Despite to this, since 2022 both the company and its subsidiaries stopped paying interest on 20,000 million yuan in financial products that they had sold to investors in the last three years.

The Police claimed the employees of Cedar to help in the investigations and promised more lenient penalties for those who return illegally obtained funds, while ordering the freezing of assets related to the investigation.

According to the South China Morning Post, Zhang’s detention is that of a tycoon with the highest profile since Beijing began to dismantle the ‘zero covid’ policy and, with it, to reactivate the national economy, weighed down by the harsh restrictions and confinements imposed by the authorities.*100030 *

(China devalues ​​its currency against the dollar).

In recent months, the Chinese government has intensified its anti-corruption campaign in the financial sector, active for years and which had already resulted in the indictment of numerous officials of regulatory bodies and senior executives of companies.

In February, nerves began to surface in the sector after the disappearance of the well-known banker Bao Fan, who was later revealed to be collaborating in an investigation by the authorities.

In In March and April the news was the arrests of Liu Liange and Li Xiaopeng, former heads of the state-owned Bank of China and the public financial conglomerate Everbright Group, respectively.

EFE

Related news

A look at the humanization of business as an organizational

In recent years, the humanization of companies has become a growing organizational trend around the world.

Ligue 2: Le Havre in L1, the other accession and a pending relegation after...

At the end of this multiplex of the last day, Friday, three matches were interrupted, including one definitively stopped.

How to be a successful entrepreneur: the knowledge, skills and strategies to master

Having a successful company is the dream of many entrepreneurs who want to create their own business. However, it is not enough to have a good idea or an innovative product; a series of knowledge, skills and strategies are required to achieve business success.

Pain in Iguatu (CE): families denounce hospital for negligence in child deaths

Mothers who lost their children in the HRI complain about the lack of supplies and health professionals

Lainey Wilson Triumphs at ACM Awards; Chris Stapleton wins top honor

Garth Brooks and Dolly Parton hosted the two-hour awards show, broadcast live on Amazon Prime from the Ford Center at the Star in Frisco, Texas.

Margherita Della Valle confirmed Chief Executive Officer of Vodafone

Margherita Della Valle was today confirmed Chief Executive Officer of the Vodafone Group. She was born in 1965. On 5 December 2022 she was appointed interim CEO, also maintaining the position of CFO of the Group. Della Valle became CFO and board member of Vodafone in July 2018. Bocconi Ana of the Year for 2022. She is one of the 15 […]

The post Margherita Della Valle confirmed Chief Executive Officer of Vodafone appeared first on QdS.

top of the week