Police find boss who fled in Uganda
Print Edition
A COMPANY director who fled overseas with nearly 150 million yuan (US$24 million) has been caught in Uganda.
Police said they located Yu Youjing, director of Zhejiang Baige Import and Export Co, on June 30, 26 days after the Ministry of the Public Security had issued a warrant for her arrest.
The 40-year-old was apprehended in Entebbe at 2am on Wednesday and is being flown back to Yongkang in east China’s Zhejiang Province, China News Service reported.
Yu began her career as an insurance saleswoman in 1998. Two years later, she set up a car sales company, but meager profits led to her setting up a trading company in 2004, CNS said.
Baige rose to become one of the top three trading companies in Yongkang. However, a 21st Century Business Herald report in February said Yu had left China from the southern city of Guangzhou bound for Africa.
Before she left, she had obtained loans of 30 million yuan each from five major banks, a senior banker who declined to be named, told the paper.
Her disappearance caused upset in the business community and among local officials as state-assets were involved and because of the impact on trade financing in Zhejiang.
By February 25, 53 local businesses, including guarantors, private lending brokers, freight forwarders and duty refund agencies, had reported losses to Yongkang police, it reported.
In the past three years, 19 Chinese businesswomen have been reported to have fled overseas or attempted to do so.
Gu Chunfang, 42, a trading company owner, disappeared from Changshu in east China’s Jiangsu Province, in March 2012.
She was later detained in Shanghai and sentenced to death with a two-year reprieve over 1.7 billion yuan illegally raised by promising high interest.
Chen Yi, former general manager of what was once the largest insurance company in Shanghai, Shanghai Fanxin Insurance Agency Co, was apprehended in Fiji on August 19, 2013.
The 35-year-old has been charged with selling unauthorized insurance products.
Liu Yingxia, 42, one of China’s richest women, was stripped of her membership of the National Committee of the Chinese People’s Political Consultative Conference in February.
The 21st Century Business Herald said she fled overseas before she was due to be questioned over bribery allegations. Her whereabouts are currently unknown.
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