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Self-burning businessman suspected of illegal financing
By Li Jinghao |
July 6, 2011, Wednesday
|
Online Edition
Online Edition
A businessman who burned himself to death in April in northern China's Inner Mongolia Autonomous Region allegedly engaged in illegal financing of up to 2.44 billion yuan (US$378 million), local police said yesterday.
Follow-up investigations found Jin Libin, 44, late chairman of Baotou Huilong Trading Co Ltd, had raised 2.23 billion yuan from the public and took out 217 million yuan in bank loans from June 2004 to April 2011, police said.
The company could barely make ends meet at first. However, it later began to illegally raise public funds by offering high interest rates to go public, leading to a breakdown of the company's capital chain, according to Man Dula, deputy director of the Baotou police bureau.
"In order to sustain the glamorous facade, Jin purchased fancy cars and donated large sums of money even after his company went under," said Man.
Jin committed suicide on April 13. Subsequent investigations show that the company was 943 million yuan in debt at the time, police said.
Nine people have been arrested and are expected to be taken to court in August, Man said.
Follow-up investigations found Jin Libin, 44, late chairman of Baotou Huilong Trading Co Ltd, had raised 2.23 billion yuan from the public and took out 217 million yuan in bank loans from June 2004 to April 2011, police said.
The company could barely make ends meet at first. However, it later began to illegally raise public funds by offering high interest rates to go public, leading to a breakdown of the company's capital chain, according to Man Dula, deputy director of the Baotou police bureau.
"In order to sustain the glamorous facade, Jin purchased fancy cars and donated large sums of money even after his company went under," said Man.
Jin committed suicide on April 13. Subsequent investigations show that the company was 943 million yuan in debt at the time, police said.
Nine people have been arrested and are expected to be taken to court in August, Man said.
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