Nantong’s Richest Face Fraud Charges – Fan Junli
Chen Baocun and his son Chen Jian, the two richest business men in the city of Nantong located in the eastern part of Jiangsu province, faced charges of exaggerating company registered assets, embezzling funds and forging contracts to win credit loans. Nantong Intermediate Court recently held a trial over the case.
Chen Baocun is the chairman of the board and his son is the general manager of Nantong Baogang Oils and Fats Ltd. Co. The total amount of money involved in the case reaches nearly 500 million yuan, which made this case the record largest ever financial fraud case in Nantong. [Full Text]