CHINA / Top News
Shanghai tycoon arrested for pension fund scandal
(Xinhua)
Updated: 2006-10-22 10:24
SHANGHAI-- Shanghai tycoon Zhang Rongkun has been arrested for his
alleged involvement in the city's social security fund scandal, according
to a company statement.
Zhang, chairman of the Fuxi Investment Holding Co., Ltd., is the first
one arrested in the scandal, said the company in the one sentence
statement on Saturday.
The statement did not describe charges against him.
The company said earlier in August that Zhang was assisting the
investigations.
Zhang, 33, was ranked 16th richest man in China by Forbes magazine last
year with a fortune of 605 million U.S. dollars.
Earlier on Monday, Zhang was dismissed from his post as member of the
National Committee of the Chinese People's Political Consultative
Conference.
Last month, Chen Liangyu, secretary of the Shanghai Municipal Committee
of the Communist Party of China, was sacked for his involvement in the
scandal.
Qiu Xiaohua, former head of China's National Bureau of Statistics (NBS),
was the latest senior official to be found "have seriously violated
disciplines" in the Shanghai social security fund fraud, Li Xiaochao, NBS
spokesman said on Thursday.
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