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Sincap unit's ex-employee arrested in China for alleged fraud

CHINESE mining and commodity trading firm Sincap Group said on Tuesday morning that a former employee of its subsidiary, Shandong Luneng Taishan Mining Co, has been arrested for alleged misappropriation of one million yuan (S$220,000) from the company.

The fraud is said to have been committed in May 2009. Investigations by the police are now under way, and the company will provide shareholders with more information once it receives further updates, it added.

Luneng Taishan Mining is 98.69 per cent owned by Sincap Group, a Catalist-listed stock.