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Hunt for execs and missing 20m yuan

POLICE are hunting two of the six senior executives of Beijing-based PKU Resource Group who allegedly stole 20 million yuan (US$2.93 million) of state assets.

The group's former presidents surnamed Ye and Lu are abroad and at large, police said, without saying whether the other four have been caught, China National Radio reported today.

The Haidian District People's Procuratorate Office yesterday confirmed it has been investigating the case after receiving tips on September 18 last year.

The case, if proved, could be the biggest of its sort in Beijing in the past two years, the state radio said.

The group was launched in 1992 by Peking University. It rose to fame after pulling down a 600-meter-long section of the university's wall and developing it into a shopping street. It later developed 4 million square meters of housing projects.

Ye had worked with the group since graduating from the university's law department.


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