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Entrepreneur freed as prosecutors drop charges
By Li Qian |
February 13, 2012, Monday
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Online Edition
Online Edition
The owner of a bankrupt dairy company in central Hunan Province who was detained for 15 months for illegal fundraising has proven innocent, local prosecutors said.
Tianyuan District prosecutors in Zhuzhou City have dropped the charges against Li Tuchun, saying he raised 130 million yuan (US$20.66 million) in loan reserves, which was not illegal.
Local investigators didn't provide any convincing evidence to accuse Li of illegal fundraising and embezzlement, the prosecutors said, according to today's Sanxiang City Express.
Though Li couldn't repay the funds, the case has been changed into a civil dispute, a lawyer said.
The former chairman of the well-known Taizinai Group has been freed and is now in Beijing for health treatment, the newspaper said.
Taizinai was once the country's leading yogurt drink producer. Li and other three company executives were placed under criminal investigation in June 2010.
Tianyuan District prosecutors in Zhuzhou City have dropped the charges against Li Tuchun, saying he raised 130 million yuan (US$20.66 million) in loan reserves, which was not illegal.
Local investigators didn't provide any convincing evidence to accuse Li of illegal fundraising and embezzlement, the prosecutors said, according to today's Sanxiang City Express.
Though Li couldn't repay the funds, the case has been changed into a civil dispute, a lawyer said.
The former chairman of the well-known Taizinai Group has been freed and is now in Beijing for health treatment, the newspaper said.
Taizinai was once the country's leading yogurt drink producer. Li and other three company executives were placed under criminal investigation in June 2010.
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