Company confirms lost contact with boss
By Zhang Fengming |
00:00 UTC+8 April 2, 2012
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Print Edition
Print Edition
DALIAN Shide Group has confirmed it has lost contact with its founder and chairman Xu Ming, who is said to have been detained over alleged economic crimes.
According to an internal document, which was posted online yesterday, the company has set up a board member team led by Xu Bin, Xu Ming's elder brother and its deputy chairman, to run the company.
The document, dated March 31, said that Xu had been detained on March 15, and that the privately owned chemical conglomerate had written to the Dalian government saying there had been no contact with its founder since March 14.
It noted that the company hadn't had any "formal information" about Xu Ming since and no departments or entities were investigating Shide or its affiliates. Shide was running its business smoothly with a stable staff pool, it said.
Xu, who also sits on the board of the Bank of Dalian and was named the eighth richest person on Chinese mainland in 2005 by Forbes, was detained on March 15 by China's Central Commission for Discipline Inspection, the Economy & Nation Weekly reported on Saturday, quoting unidentified sources.
Banks, including the China Construction Bank, have suspended lending to the group and begun an investigation into previous loans, it said.
Other people are also under investigation, according to the report. Commission officials remained in Dalian, a city in northeast Liaoning Province, for "a couple of days," it said.
Xu, famous for his aggressive style, founded Shide Group in 1992 and started tapping the petroleum market in 1998.
The group now owns the world's largest factory for PVC materials and has expanded in the past decade into the financial and home appliance industries. The company also owns Dalian Shide FC, one of Chinese soccer's top clubs.
The group ranked the 66th biggest private company on Chinese mainland last year with annual revenue of 12.1 billion yuan (US$1.92 billion).
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