China Economic ReviewZhou Zhengyi, chairman of Shanghai Nongkai Development Group and reputed-ly the city's richest man, was placed under house arrest while central government authorities investigated questionable loans made by Bank of China. Zhou, who gives his name as Chau Ching Ngai in filings to the Hong Kong Stock Exchange, was known to have close links to […]
The trial of tycoon Yang Bin for fraud took place in Shenyang in June. The three-day trial related to his property and horticultural business, and included alleged falsification of documents, fraudulent contractsillegal land use and bribery. According to court sources Yang, who is a Dutch citizen, allegedly took out at least Yn7OOm in fraudulent loans […]
A state-owned export firm has been fined Yn480m and its manager jailed for life in China's biggest tax fraud ease since 1949, Xinhua reported. The Hebei Baoxiang Import-Export Group and its general manager Zhang Baox-iang had been found guilty of creating false receipts to claim tax rebates worth Ynl93m between 1997 and 2000. Two subsidiaries […]
The State Asset Management Commission, which was established in March to take over management of China's state-owned enter-prises SO Es), has approved its first privatisa-tion. The commission has allowed listed hotelier Tibet Pearl to sell a 25 per cent stake to Shandong Wuzhou Investment fur Ynl2Om, making the privately-held firm the majority shareholder in thc […]
The Ministry of Finance announced in May a package of tax relief measures for industries most affected by the Sars epidemic. The 3 per cent tax on airline's passenger revenue is being waived from May 1 to September 30, and other taxes and fees on tourism, entertainment and travel businesses will be cut or suspended. […]