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Shanghai commerce chamber vice chief arrested over fraud

ZHOU Yuejin, vice chairman of the Shanghai Federation of Industry & Commerce, has been arrested over a contractual fraud charge.

It was announced yesterday at a conference of Shanghai's political advisers, the Shanghai Committee of the Chinese People's Political Consultative Conference, today's Jiefang Daily reported.

Zhou had his membership as a political adviser revoked at the conference. No further information about the alleged fraud was given.

Zhou was chairman of Shanghai Golden Source International Economic & Trade Development Co Ltd, according to the SFIC Website.

The company was launched in January 2000 with a registered capital of 100 million yuan (US$14.6 million).

SIFC is the local branch of the All-China Federation of Industry and Commerce, which is composed of Chinese industrialists and business people under the leadership of the Chinese Communist Party, an organization assisting the government to manage China's non-public economy.


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