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Questions over tycoon's charity
By Wang Xiang |
July 22, 2010, Thursday
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Online Edition
Online Edition
A tycoon ranked as China's 11th richest man faces questions after media found a charity foundation he set up with a promised donation of 8.3 billion yuan (US$1.22 billion) is worth only 160 million yuan now.
Chen Fashu, the chairman of Fujian-based Xinhuadu Group, announced last October that he would set up Xinhuadu charity foundation and he will personally put in 90 percent of all the stake he owned.
Chen said the stake was worth 8.3 billion yuan and would make it the largest charity foundation in China. But media investigation found that the foundation only received 160 million yuan from Chen, Guangdong based Time Weekly reported today.
Chen holds large stakes in listed companies like Tsingtao Brewery Co Ltd, Yunnan Baiyao, and Zijin Mining Group. Forbes Magazine ranked him as the 11th richest person in the Chinese mainland in 2009.
The regulator of charity funds in Fujian Province said Chen only paid 100 million yuan when he announced he would register the fund. He put in another 60 million soon after but that was it.
Chen Fashu, the chairman of Fujian-based Xinhuadu Group, announced last October that he would set up Xinhuadu charity foundation and he will personally put in 90 percent of all the stake he owned.
Chen said the stake was worth 8.3 billion yuan and would make it the largest charity foundation in China. But media investigation found that the foundation only received 160 million yuan from Chen, Guangdong based Time Weekly reported today.
Chen holds large stakes in listed companies like Tsingtao Brewery Co Ltd, Yunnan Baiyao, and Zijin Mining Group. Forbes Magazine ranked him as the 11th richest person in the Chinese mainland in 2009.
The regulator of charity funds in Fujian Province said Chen only paid 100 million yuan when he announced he would register the fund. He put in another 60 million soon after but that was it.
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