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.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
