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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