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Millionaire family feud airs in court
By Jane Chen |
March 1, 2010, Monday
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Online Edition
Online Edition
CHINA'S biggest leather millionaire claimed his sister and brothers had stolen all his shares in five companies of the family-run group and tried to put him in a mental home.
Wang Min, president of the 1.2-billion-yuan (US$175,801 million) Fareast Leather Industrial Co Ltd, today brought Pingyang County Security Bureau to court in east China's Zhejiang Province for its assistance in the siblings' scheme, today's New Express newspaper reported.
Police are accused of issuing a second identification card in Wang's name without notifying him, which Wang's two brothers and sister used to fake documents and transfer all his shares in the five companies to their own pockets, the report said.
Wang said he had launched the group in his Zhejiang Province hometown in Pingyang, Wenzhou City, and expanded it to Guangzhou, capital of south China's Guangdong Province.
He moved to Guangzhou more than 10 years ago after relocating the group headquarters there. He asked his sister and brothers to manage the five companies remaining in Zhejiang.
Lawyers told him in 2006 that the five companies had a total asset of 300 million yuan, with an annual export and import volume of 1.2 billion yuan. But, all his shares in the companies had been transferred to his brothers Wang Huai, Wang Chu and sister Wang Ping.
On March 10, 2007, when he attended a board meeting of the group in Wenzhou, his parents, sister and brothers forced him into a local mental hospital, saying he had serious depression.
His wife and bodyguards arrived two days later to rescue him.
Wang's group has 13 companies with annual income around 2 billion yuan, the New Express newspaper said.
Wang Min, president of the 1.2-billion-yuan (US$175,801 million) Fareast Leather Industrial Co Ltd, today brought Pingyang County Security Bureau to court in east China's Zhejiang Province for its assistance in the siblings' scheme, today's New Express newspaper reported.
Police are accused of issuing a second identification card in Wang's name without notifying him, which Wang's two brothers and sister used to fake documents and transfer all his shares in the five companies to their own pockets, the report said.
Wang said he had launched the group in his Zhejiang Province hometown in Pingyang, Wenzhou City, and expanded it to Guangzhou, capital of south China's Guangdong Province.
He moved to Guangzhou more than 10 years ago after relocating the group headquarters there. He asked his sister and brothers to manage the five companies remaining in Zhejiang.
Lawyers told him in 2006 that the five companies had a total asset of 300 million yuan, with an annual export and import volume of 1.2 billion yuan. But, all his shares in the companies had been transferred to his brothers Wang Huai, Wang Chu and sister Wang Ping.
On March 10, 2007, when he attended a board meeting of the group in Wenzhou, his parents, sister and brothers forced him into a local mental hospital, saying he had serious depression.
His wife and bodyguards arrived two days later to rescue him.
Wang's group has 13 companies with annual income around 2 billion yuan, the New Express newspaper said.
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