China’s Wahaha Chairman Probed for Tax Evasion: Report

From AFP:

The head of China’s largest soft drink maker, Wahaha, which is locked in a bitter feud with estranged French partner Danone, is under investigation for tax evasion, state media said Monday.

Wahaha Group chairman Zong Qinghou “failed to fully declare his earnings for years,” Caijing Magazine reported, citing a tax official involved in the probe.

The report said Zong was initially suspected of evading a tax bill of nearly 300 million yuan (42.9 million dollars) but had paid more than 200 million of that after tax authorities opened their investigation in October.

Read also Xinhua: Chairman of Chinese beverage maker and Danone partner Wahaha facing tax probe from AP.

April 16, 2008 6:26 PM
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Categories: Economy, Law