Court told of family plot to steal shares
By Chen Xingjie |
March 2, 2010, Tuesday
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Print Edition
Print Edition
A GUANGZHOU-BASED millionaire has claimed his sister and brothers stole all his shares in five companies of the family-run group and tried to put him in a mental home.
Wang Min, president of the 1.2-billion-yuan (US$175,801 million) Fareast Leather Industrial Co Ltd, yesterday took Pingyang County Public Security Bureau to court in east China's Zhejiang Province for its assistance in the scheme, yesterday's New Express newspaper reported.
The police are accused of issuing a second identification card of Wang without notifying him, which Wang's two brothers and sister used to fake documents and transfer all his shares in the five companies to themselves, the report said.
Wang said he had launched the group in his hometown in Pingyang, Wenzhou City, and expanded it to Guangzhou, capital of south China's Guangdong Province.
He moved to Guangzhou more than 10 years ago after relocating the group headquarters there.
He asked his sister and brothers to manage the five companies remaining in Zhejiang.
Wang said he did not realize what his family was up to until November 2006 when he had lawyers calculate the assets of his group.
Lawyers told him the five companies had total assets of 300 million yuan, with an annual export and import volume of 1.2 billion yuan.
But all his shares in the companies had been transferred to his brothers Wang Huai and Wang Chu and sister Wang Ping.
On March 10, 2007, at a board meeting in Wenzhou, his parents, sister and brothers forced him into a local mental hospital saying he had severe depression.
His wife and bodyguards released him two days later.
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