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Post time 5 day(s) ago | Show all posts |Read mode
NANNING Air Jordan 5 Retro For Sale , Aug. 12 (Xinhua) -- An international manhunt is underway for a Chinese businessman who fled the country following allegations of fraud, authorities said Tuesday.

The International Criminal Police Organization (Interpol) has issued a red notice for Liao Rongna of the Zhengling Group, a private conglomerate based in Liuzhou City, south China's Guangxi Zhuang Autonomous Region. He is suspected of obtaining loans and investments under false pretenses and misappropriation of funds, according to Liuzhou public security bureau.

Liao, 58, is said to have cheated his way into several billion yuan of loans by promising investors high returns Air Jordan 4 Retro For Sale , then failed to repay the debt. Being found guilty of this kind of crime in China can result in a death sentence.

Liao's inner circle are just as embroiled in the racket as he. His wife, Ye Zhiqun, former vice chairman of the Zhengling board, is also on the run and his younger son, a former chairman of Zhengling, was detained by police in June, the bureau told Xinhua.

Liao Rongna's personal financial power seems to have been the key to the staggering amount of money he amassed. He was on the Hurun Rich List in 2009 and has always been regarded as the richest man in Liuzhou. The Zhengling Group covers a wide range of businesses -- automobiles Air Jordan 3 Retro For Sale , construction materials and logistics -- and was once one of the top 100 enterprises in Guangxi, so it is no surprise that he managed to woo investors into lending him huge sums on the promise of lucrative returns.

Li, another local entrepreneur, runs a business selling chemicals and cosmetics in Liuzhou. "I lent him 20 million yuan (3.25 million U.S. dollars) only this March, because he assured me that I could get a rate of 0.3 percent per day," said Li, who had previously splashed out 37 million yuan on a deal he thought was too good to be true. He was right. Liao has not paid back the money.

According to Li Air Jordan 18 Retro For Sale , people all over Guangxi mortgaged their houses and companies to local banks to raise funds for Liao, only to find the billionaire suddenly incommunicado.

Police found more than 1,500 loan contracts worth 3.2 billion yuan in Zhengling files during their investigation.

BOSSES ON THE LAM

In recent years, any number of millionaire businessmen like Liao, accused of fraud or simply out of their financial depth, have fled the country. Life abroad with large with large sums of other people's money is far preferable to dealing with bankruptcy or feeling the wrath of the domestic law.

For instance, Wang Li Air Jordan 14 Retro For Sale , chairwoman of Junlihao Group in Qingdao, Shandong Province, disappeared in April, owing at least 1.2 billion yuan. A month later, Huang Shuimu, head of Tiancheng Group in Fujian Province, vanished following a crisis in a capital chain. By the end of June this year Air Jordan 13 Retro For Sale , the bosses of 123 peer-to-peer online lending firms had absconded abroad.

Xia Xinping, a research fellow with Guangxi University of Science and Technology, believes economic fugitives abscond because of the low cost of running away.

"They accumulate huge debts in China, and evade them all by simply bailing out," Xia said.

Despite government action, only a small number of them have been repatriated so far, making flight the optimum solution for the disaffected super-rich.

GOVERNMENT ON THE HUNT

The hunt for the fugitives is on. In July Air Jordan 12 Retro For Sale , the government campaign Fox Hunt 2014 began to track down suspects of economic crime who have fled the country.

"China has extradition treaties with more and more countries now, which certainly helps the campaign," said Wang Yukai, a professor at the Chinese Academy of Governance.

China has been a member of Interpol since 1984. Since 2008, more than 730 suspects of economic crimes have been repatriated to China from 54 countries and regions.

In a national teleconference in July, officials with the Ministry of Public Security called on police authorities to urge suspects to give themselves up and to offer rewards for information from the public that leads to arrests.

"Even if they are in the farthest corners of the world, we will find them Air Jordan 11 Retro For Sale , seize them and bring them to justice," said Liu.

KIGALI, Sept. 28 (Xinhua) -- Rwanda holds China in high regard for its contribution to Rwanda's socio-economic development and close bilateral cooperation based on mutual trust and partnership, said Rwandan minister of state in charge of economic planning on Wednesday.

China has remained a valuable partner for Rwanda over the past four decades in several sectors, especially infrastructure, Uzziel Ndagijimana told a reception here celebrating the 68th anniversary of the founding of the People's Republic of China, which falls on Sunday.

Trade relations between the two countries have also shown significant progress Air Jordan 1 Retro For Sale , said Ndagijimana.

"As Rwanda continues to work towards building the manufacturing sector, we look forward to welcoming more Chinese companies to invest in that area," said Ndagijimana, adding that Rwanda is also looking forward to promoting people-to-people relations with China.

Since Rwandan President Paul Kagame's successful visit to China in March, the China-Rwanda relations have embarked on a fast track, said Rao Hongwei, Chinese ambassador to Rwanda.

The governments and people of the two countries will further strengthen cooperation to achieve win-win results and inclusive progress Air Jordan 10 Retro For Sale , said the ambassador.

About 350 people attended the reception which was held at the Chinese Embassy in Rwanda.

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Lantern festival held to celebrate upcoming National Day

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Modern manufacturing, transport help six Chinese provinces develop fast

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