'Missing' boss linked to soccer bribes probe
By Feng Jianmin |
01:55 UTC+8 April 7, 2012
|
Print Edition
Print Edition
XU Ming, the chairman of privately owned chemical business Dalian Shide Group who was said to have "disappeared," is reported to be in detention over involvement in China's soccer corruption scandal and illegal land and equities trades.
Xu, who founded the chemical conglomerate in 1992 and owns Dalian Shide FC, one of China's top soccer clubs, is under investigation partly due to the nationwide soccer bribes scandal, the 21st Century Business Herald reported yesterday.
Xu used to have control over another six teams bought through the group's subsidiaries, the newspaper said, and the teams were found to have been fixing important matches in 2006.
The current campaign against match fixing was launched in October 2009.
More than 40 people, including previous Chinese Football Association officials, players and professional club staff, have been convicted in court with sentences of up to 12 years for bribery and match fixing.
Several former CFA members are currently awaiting trial.
"All issues related to soccer corruption are under review now," the newspaper said.
Bought shares
It also said there was speculation that Xu was under investigation over a plot of land sold for 1.8 billion yuan (US$285 million) in Harbin in northeast Heilongjiang Province in 2009.
The plot was first bought by a shareholder of the Shide Group, and later transferred to a Harbin-based property developer.
Xu and his brother are also suspected of having bought all the shares in a state-owned company at less than a third of their value in the 90s.
There has been no official confirmation of Xu's whereabouts.
On Sunday, the Shide Group confirmed it had lost contact with Xu, who at the time was said to have been detained over alleged economic crimes.
According to an internal document, the group has set up a board member team led by Xu Bin, Xu Ming's elder brother and its deputy chairman, to run the company.
Xu started tapping the petroleum market in 1998 and also invested in banks, insurance companies. He built financial services into the group's second largest business.
The group owns the world's largest factory for PVC materials and has expanded into the financial and home appliance industries.
Xu was named by Forbes as the eighth richest individual on Chinese mainland in 2005.
Xu, who founded the chemical conglomerate in 1992 and owns Dalian Shide FC, one of China's top soccer clubs, is under investigation partly due to the nationwide soccer bribes scandal, the 21st Century Business Herald reported yesterday.
Xu used to have control over another six teams bought through the group's subsidiaries, the newspaper said, and the teams were found to have been fixing important matches in 2006.
The current campaign against match fixing was launched in October 2009.
More than 40 people, including previous Chinese Football Association officials, players and professional club staff, have been convicted in court with sentences of up to 12 years for bribery and match fixing.
Several former CFA members are currently awaiting trial.
"All issues related to soccer corruption are under review now," the newspaper said.
Bought shares
It also said there was speculation that Xu was under investigation over a plot of land sold for 1.8 billion yuan (US$285 million) in Harbin in northeast Heilongjiang Province in 2009.
The plot was first bought by a shareholder of the Shide Group, and later transferred to a Harbin-based property developer.
Xu and his brother are also suspected of having bought all the shares in a state-owned company at less than a third of their value in the 90s.
There has been no official confirmation of Xu's whereabouts.
On Sunday, the Shide Group confirmed it had lost contact with Xu, who at the time was said to have been detained over alleged economic crimes.
According to an internal document, the group has set up a board member team led by Xu Bin, Xu Ming's elder brother and its deputy chairman, to run the company.
Xu started tapping the petroleum market in 1998 and also invested in banks, insurance companies. He built financial services into the group's second largest business.
The group owns the world's largest factory for PVC materials and has expanded into the financial and home appliance industries.
Xu was named by Forbes as the eighth richest individual on Chinese mainland in 2005.
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