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Dairy tycoon arrested over cash deals
By Wang Xiang |
July 27, 2010, Tuesday
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Online Edition
Online Edition
The founder and chairman of bankrupt Chinese dairy company Taizinai Group has been officially arrested on suspicion of illegal fundraising, authorities said today.
Hunan Province based Taizinai Group was founded by Li Tuchun in 1996. Taizinai was once a leading producer of yogurt type drinks in China. Li and another three were now under arrest after police investigation found them linked to an illegal fundraising scheme, China News Service reported today.
Another five were also involved in the case. Police said the investigation is continuing.
Hunan police said they probed for a month and found that Li and his company had raised over 130 million yuan (US$18.18 million) from the public by December 2009. Most of funds were not paid back, China News Service reported today.
The Taizinai Group was invested by Western investors including UK-based private equity investor ACTIS Capital LLP, Morgan Stanley and Goldman Sachs Group Inc, and was liquidated last month when police confirmed that Li was being investigated.
The group has been in financial distress for at least two years. In 2008, the three investment banks took over the control of the company when it was deep in debt.
Hunan Province based Taizinai Group was founded by Li Tuchun in 1996. Taizinai was once a leading producer of yogurt type drinks in China. Li and another three were now under arrest after police investigation found them linked to an illegal fundraising scheme, China News Service reported today.
Another five were also involved in the case. Police said the investigation is continuing.
Hunan police said they probed for a month and found that Li and his company had raised over 130 million yuan (US$18.18 million) from the public by December 2009. Most of funds were not paid back, China News Service reported today.
The Taizinai Group was invested by Western investors including UK-based private equity investor ACTIS Capital LLP, Morgan Stanley and Goldman Sachs Group Inc, and was liquidated last month when police confirmed that Li was being investigated.
The group has been in financial distress for at least two years. In 2008, the three investment banks took over the control of the company when it was deep in debt.
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