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Director said fled overseas with US$24m
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The owner of a trading company in Zhejiang Province is alleged to have fled overseas with about 150 million yuan (US$24 million) borrowed from five major banks, which may impact the local trade financing supply chain financially, a newspaper reported.
Yu Youjing, director of Zhejiang Baige Import and Export Co, fled overseas on February 18, the 21st Century Business Herald said yesterday. The company is one of the top three trading companies in Yongkang in the province.
The Industrial and Commercial Bank of China, China Construction Bank, the Agricultural Bank of China, the Bank of China and Shanghai Pudong Development Bank have each lent 30 million yuan to Baige, the newspaper said, citing an executive at one of the banks, which was not identified.
Two creditors and a local government official said one of the loans was obtained by Yu through “irregular means.” She disappeared after giving a 10 million-yuan rebate to the unnamed banker, who was said to be detained by the local police after the bank found out.
But the bank denied that its executive has been arrested, according to the report.
More than 53 local businesses, including guarantors, private lending brokers, freight forwarders and duty refund agencies, are involved.
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