Exec arrested for fundraising fouls
By Wang Xiang |
July 28, 2010, Wednesday
|
Print Edition
Print Edition
THE founder and chairman of bankrupt Chinese dairy company Taizinai Group has been arrested on suspicion of illegal fundraising of 130 million yuan (US$19 million), authorities said yesterday.
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 other three company officials were placed under arrest after police investigation found them linked to an illegal fundraising scheme.
Another five people were also involved in the case, police said without specifying who they were.
Hunan police said Li and his company raised the 130 million yuan from the public and most of the funds were not repaid, China News Service reported.
The Taizinai Group drew 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.
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 other three company officials were placed under arrest after police investigation found them linked to an illegal fundraising scheme.
Another five people were also involved in the case, police said without specifying who they were.
Hunan police said Li and his company raised the 130 million yuan from the public and most of the funds were not repaid, China News Service reported.
The Taizinai Group drew 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.
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