Bitter taste for biscuit giant as boss flees
Print Edition
ZHU Donghai, a Henan Province-based biscuits tycoon, is missing, leaving the fate of his once prosperous Anyang Jianfeng Food in the dark as the company owes banks millions in credit, China Business News reported yesterday.
Zhu has apparently fled to Hong Kong with his family and there has been no contact with him since last November while his company grapples with about 300 million yuan (US$48.3 million) in unpaid loans to a local branch of the Agricultural Development Bank, the report said, citing unidentified sources. The sources said the company has also borrowed widely from private funding channels to fuel its expansion.
A fracture in the capital chain put Zhu under a financial strain that forced him to abandon a 658 million yuan food industry park project by the time he fled, the newspaper said.
Online posts showed that construction workers of the park have been complaining about delayed wage payment since late 2013.
The government of Jiangyin County in Henan, where the company is based, is maintaining operation of the family-run business, according to CBN.
Jianfeng Food’s revenue in 2012 exceeded 1 billion yuan, making it the largest biscuit maker in Henan, local media reported in September.
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