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Company's capital untrue

THE boss of a financially struggling listed company went on trial yesterday for registering the company with a borrowed 50 million yuan (US$7.32 million) and transferring US$114 million overseas illegally.

The hearing at the Shanghai No. 1 Intermediate People's Court is scheduled to last two days. Long Changsheng, 47, a Chinese American, pleaded guilty to registering the company with non-existent capital and withdrawing part of the actual registered capital after registering the business. But he denied transferring foreign currency overseas illegally.


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