Chang-Go loses license for issuing prepaid cards
Print Edition
THE license of a local company that issued prepaid shopping cards has been revoked following complaints about embezzling funds and fabricating account books, the People’s Bank of China said yesterday.
The Bank of Communication International Trust has been authorized to buy back the cards from the victims at 85 percent of its value.
Shanghai Chang-Go Service Co was permitted to issue the “Chang-Go” prepaid cards in Shanghai and four provinces in August 2011. According to Chang-Go’s website, the prepaid cards could be used in more than 20,000 outlets across Shanghai, including Century Mart, Family Mart, Tesco.
It could also be used in Jiangsu, Zhejiang, Shandong and Anhui provinces.
However, all stores rejected the cards since January last year.
The company also had serious irregularities over funds, fabricating transaction records and blocking inspections by authorities.
Chang-Go is now banned from conducting Internet payment and issuing prepaid cards.
It is not known how many consumers were Chang-Go’s victims, but some of them incurred losses of almost 30,000 yuan (US$4,615), according to the Shanghai Consumer Rights Protection Commission which received a horde of the complaints against the company.
The controller of the company has been detained by police.
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