Police on trail of disappearing debt-ridden bosses
By Yang Jian |
March 22, 2012, Thursday
|
Print Edition
Print Edition
POLICE are pursuing two bosses who disappeared owing more than 800 million yuan (US$126.48 million) to banks and private money lenders.
Gu Chunfang, a trading company boss dubbed the "most beautiful boss" in Changshu City in eastern Jiangsu Province because of her looks, went missing at the beginning of the month after borrowing about 500 million yuan from private lenders and 100 million from banks and companies, the city government said yesterday.
In the other case, restaurant boss Zhou Siyang ran off at the end of February after borrowing 230 million yuan from banks and unknown amounts from the private sector.
"Local police have received many reports from citizens complaining about the two bosses. Some of them are taking court action," said the Changshu government, which has set up an investigation team.
Many residents, including business owners, complained that Gu cheated investors by making false promises of high returns at an annual interest rate of around 40 percent.
There were claims that her debts were much more than had been announced. Some said they could amount to around a billion yuan.
"Gu had told victims she would use the money to register companies, invest in projects and make loans," a private lender calling himself "Y" said on the city's online bulletin board.
Gu's Suzhou Kaiwailong Trading Limited Co was involved in businesses including cement, metals, lubricants, chemical fibers, daily commodities, fabrics and hardware. She also operated a clothing shop and a high-end manicure store that closed following her disappearance.
Gu, 40, was born in Changshu and is divorced. She failed to graduate from junior high school, but there were claims that she had become popular in business circles and with officialdom because of her beauty.
Before starting her businesses, she was a model for a clothing company and lead actress for a firm that made publicity films for the city.
Zhou, boss of the Changshu Carp Gate Restaurant, set up many subsidiary companies and used some as guarantors for others to attract large sums of money from banks and private lenders as investments, a local businessman said.
Much of his property, including a Rolls-Royce, had been divided up among some major private creditors after he disappeared, the businessman said.
The city government said they were still collecting information from victims in both cases so the amount of money involved could still rise.
On their microblog, Changshu police have been advising caution over private lending because of the high risks involved.
Gu Chunfang, a trading company boss dubbed the "most beautiful boss" in Changshu City in eastern Jiangsu Province because of her looks, went missing at the beginning of the month after borrowing about 500 million yuan from private lenders and 100 million from banks and companies, the city government said yesterday.
In the other case, restaurant boss Zhou Siyang ran off at the end of February after borrowing 230 million yuan from banks and unknown amounts from the private sector.
"Local police have received many reports from citizens complaining about the two bosses. Some of them are taking court action," said the Changshu government, which has set up an investigation team.
Many residents, including business owners, complained that Gu cheated investors by making false promises of high returns at an annual interest rate of around 40 percent.
There were claims that her debts were much more than had been announced. Some said they could amount to around a billion yuan.
"Gu had told victims she would use the money to register companies, invest in projects and make loans," a private lender calling himself "Y" said on the city's online bulletin board.
Gu's Suzhou Kaiwailong Trading Limited Co was involved in businesses including cement, metals, lubricants, chemical fibers, daily commodities, fabrics and hardware. She also operated a clothing shop and a high-end manicure store that closed following her disappearance.
Gu, 40, was born in Changshu and is divorced. She failed to graduate from junior high school, but there were claims that she had become popular in business circles and with officialdom because of her beauty.
Before starting her businesses, she was a model for a clothing company and lead actress for a firm that made publicity films for the city.
Zhou, boss of the Changshu Carp Gate Restaurant, set up many subsidiary companies and used some as guarantors for others to attract large sums of money from banks and private lenders as investments, a local businessman said.
Much of his property, including a Rolls-Royce, had been divided up among some major private creditors after he disappeared, the businessman said.
The city government said they were still collecting information from victims in both cases so the amount of money involved could still rise.
On their microblog, Changshu police have been advising caution over private lending because of the high risks involved.
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