Exiled Chinese tycoon fraudulently obtained big loans, employees tell court
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
Dalian, China
EXILED billionaire businessman Guo Wengui instructed his employees to fraudulently obtain hundreds of millions of dollars in loans, senior employees of his real estate company told a court in China's north-eastern Liaoning province.
Appearing in the Dalian Xigang People's Court on Friday, the three staff from Mr Guo's Beijing Pangu Investment confessed to obtaining 3.2 billion yuan (S$651.5 million) from the Agricultural Bank of China in 2010 by using falsified company contracts, official seals and receipts. The loan was repaid in full in 2014. Two of the defendants also admitted to the false purchase of foreign currency.
Share with us your feedback on BT's products and services
