Chairman accused of funding gangs
By Lydia Chen |
January 13, 2011, Thursday
|
Print Edition
Print Edition
THE chairman of Southwest Securities has been accused of funding mafia-like gangs and criminal activities in Chongqing in southwest China.
A deputy to Chongqing People's Congress, Zhang Mingyu, has submitted a report to the city mayor listing six allegations against Wen Zhenjie, chairman of the listed brokerage, which include money laundering, embezzlement, taking bribes, illegal loans and claiming debts with violence, according to a letter posted on the BBS of People's Daily.
In his report, Zhang, a former chairman of the Chongqing Tongchuang Real Estate Group, claims he bought off Wen with 1.35 million yuan (US$204,000) in bribes so he would stop making trouble for his company when trying to obtain a loan of 470 million yuan from Chongqing International Trust Co, where Wen was the firm's CEO.
Zhang claims that Wen embezzled hundreds of millions of yuan from his companies to support loan sharking businesses and firms run by mafia-like gangs.
A deputy to Chongqing People's Congress, Zhang Mingyu, has submitted a report to the city mayor listing six allegations against Wen Zhenjie, chairman of the listed brokerage, which include money laundering, embezzlement, taking bribes, illegal loans and claiming debts with violence, according to a letter posted on the BBS of People's Daily.
In his report, Zhang, a former chairman of the Chongqing Tongchuang Real Estate Group, claims he bought off Wen with 1.35 million yuan (US$204,000) in bribes so he would stop making trouble for his company when trying to obtain a loan of 470 million yuan from Chongqing International Trust Co, where Wen was the firm's CEO.
Zhang claims that Wen embezzled hundreds of millions of yuan from his companies to support loan sharking businesses and firms run by mafia-like gangs.
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