Chen Liangyu Fallout: Head of ‘Fuwa’ Producer Questioned – Shanghai Daily

One more rippling effect of the downfall of the former Shanghai boss:

Vice chairman and president of Shanghai-listed Haixin Group ” one of China’s largest plush manufacturers and producer of the 2008 Beijing Olympics mascots — is cooperating with the authorities regarding an investigation into his violation of disciplinary rules, according to a company statement.

Yuan Yonglin (Ë¢ÅÊ∞∏Êûó), born in December 1948, was formerly the manager and party secretary of a township factory in Shanghai’s Songjiang District.

The city’s 10 billion yuan corporate annuity fund has been managed via irregular loans without proper collateral and through long-term investments in industries like real estate with liquidity risks, industry sources said. [Full Text]

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October 29, 2006 11:26 PM
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Categories: Politics