Former Microsoft head Tang tied to loan scam
By Echo Wang |
July 24, 2010, Saturday
|
Print Edition
Print Edition
TANG Jun, the former president of Microsoft China, who is enmeshed in an academic fraud scandal, is facing new trouble involving a housing loan fraud.
Police in Suzhou, Jiangsu Province, found Tang Jun and seven others bought six floors in an unfinished building named Bojing Mansion. They got 147 million yuan (US$21.67 million)in loans from a bank to pay for the house, but part of the money turned up in a loan sharking business.
Tang himself got 113 million yuan of loans, 21 Century Business Herald reported yesterday.
Suzhou police said they were tipped to the case by an anonymous whistle blower. Tang and his assistant could not be reached for comment.
Suzhou police said the seemingly bad investment was in fact a scheme. One of the buyers surnamed Wang loaned out 107 million yuan of the borrowed money and charged high interest.
Wang and the developer of the mansion surnamed Sheng were friends from childhood. Sheng's company was warned three times as it could not pay back the loans it took to build the mansion.
Sheng's company was dragged out of quagmire soon after the eight buyers turned up. Tang and the suspect Wang were also friends, and helped each other to repay the loans, the report said.
"The bank should be very careful in issuing loans when the transaction was between two friends," the report quoted a business insider as saying, "it is very likely to turn out to be credit fraud."
Police in Suzhou, Jiangsu Province, found Tang Jun and seven others bought six floors in an unfinished building named Bojing Mansion. They got 147 million yuan (US$21.67 million)in loans from a bank to pay for the house, but part of the money turned up in a loan sharking business.
Tang himself got 113 million yuan of loans, 21 Century Business Herald reported yesterday.
Suzhou police said they were tipped to the case by an anonymous whistle blower. Tang and his assistant could not be reached for comment.
Suzhou police said the seemingly bad investment was in fact a scheme. One of the buyers surnamed Wang loaned out 107 million yuan of the borrowed money and charged high interest.
Wang and the developer of the mansion surnamed Sheng were friends from childhood. Sheng's company was warned three times as it could not pay back the loans it took to build the mansion.
Sheng's company was dragged out of quagmire soon after the eight buyers turned up. Tang and the suspect Wang were also friends, and helped each other to repay the loans, the report said.
"The bank should be very careful in issuing loans when the transaction was between two friends," the report quoted a business insider as saying, "it is very likely to turn out to be credit fraud."
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