Caixin OnlineFinance & EconomicsTop Stories Finance In Thursday's Papers: Billionaire Disappears, Leaving Company in Debt, Sany Moving Headquarters Amidst Espionage Rumors
11.29.2012 19:47

In Thursday's Papers: Billionaire Disappears, Leaving Company in Debt, Sany Moving Headquarters Amidst Espionage Rumors

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Billionaire Disappears, Leaving Company in Debt

Billionaire Fu Yanbin, chairman of Dalian-based property developer Rightway, has disappeared under mysterious circumstances. According to the Secretary-General of the Heilongjiang Chamber of Commerce, Fu Yanbin resigned on October 25 and has been out of touch ever since. Beginning in February of this year, Fu has disappeared several times for varying lengths of time. This time, Fu's disappearance occurs as he and a company he has a relationship with are being sued for failing to repay a US$ 540 million loan made by Deutsche Trust (Hong Kong) Co. On November 27, a Hong Kong court accepted the case against Fu Yanbin and an overseas company he represented, in which the Hong Kong firm alleges that the company failed to pay back a US$ 540 million loan that it gave in 2011. Deutsche Trust is now suing for US$ 570 million to get back the loan and interest. According to the loan agreement, repayments were supposed to begin in June 2011.

Original article on 21st Century Business Herald

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