Hangzhou money manager goes missing with bln yuan
Wangzhou
Hangzhou - XINHUA
Police in the eastern Chinese city of Hangzhou are hunting the boss of a wealth management company who disappeared with about a billion yuan (153 million U.S. dollars) of investors' money.
Investors in Wangzhou Fortune have been reporting problems with the company's cash flow since April 18. More than 20,000 people have invested a total of about 2.2 billion yuan in the company, which has dozens of branches in major Chinese cities, Hangzhou police told Xinhua on Sunday.
The conglomerate Wangzhou Group, parent of Wangzhou Fortune, confirmed its chairman Yang Weiguo's disappearance on Thursday. Wangzhou Group also closed its shopping mall in Hangzhou after the scandal emerged.
To repay investors, Wangzhou Group will retrieve about a billion yuan after receiving principal and interest payments from its lending. It will try to cover the 1.2 billion yuan gap by selling properties, according to a statement from the company.
Wangzhou Group has more than 200 subsidiaries in commerce, automobiles, health and wealth management, including Wangzhou Fortune. It employs some 7,000 people in 70 cities.
Source: XINHUA
- Thursday ,11 May GMT 18:04 2017 Made in North Korea: As tougher sanctions loom, more local goods in stores
- Friday ,21 April GMT 01:11 2017 Chinese, Iranian firms to sign first nuclear plant redesign contracts
GMT 18:04 2017 Thursday ,11 May
Made in North Korea: As tougher sanctions loom, more local goods in storesGMT 16:32 2017 Thursday ,11 May
Chinese luxury home buyers pause as regulations by Beijing biteGMT 20:39 2017 Tuesday ,25 April
Thai junta defends 'cheap' $393 mn Chinese sub purchaseGMT 04:13 2017 Friday ,21 April
Agreements to develop Chinese industrial zone to be signed in DuqmGMT 01:11 2017 Friday ,21 April
Chinese, Iranian firms to sign first nuclear plant redesign contracts
Economic conference on investment opportunities in Syria kicks off
Bucharest - SANA
With the participation of 120 representatives of Romanian companies, Chambers of Commerce and industry, An economic conference on “Reconstruction in Syria between the development of economic steadfastness and the opportunities ofRussia tests new telemetry system during manned Soyuz MS-11 spacecraft’s launch
Moscow - TASS
The Astra-06 apparatus developed by specialists of Russian Space Systems (RSS) was used for the first time as additional telemetric equipment aboard the manned Soyuz MS-11 spacecraft launched from the Baikonur CosmodromeLiverpool, Manchester City seek neighbours' help in title chase
London - DPA
Liverpool and Manchester City will be looking for a little help from their not-so-friendly neighbours this weekend. The Premier League front-runners face each other's local rivals when City host Everton and Liverpool take on Manchester United. Liverpool jumped above City at theBlue light in smartphones linked to blindness and some cancers
Spain - DPA
Ever since we have started to become chained to our smartphones and tablets, people have been saying that the waves coming off these devices must be bad for us. So often laughed off as conspiracy theorists, it now looks more and moreFestive Fashion by Dubai-based designer ASMARAÏA
Dubai - Arab Today
Dubai-based label ASMARAÏA just launched its pre-fall 2019 collection — and it’s all about cruelty-free, sustainable fashion with a festive edge. Checkmate The 15-piece collection features this checkered skirt-and-jacket ensemble that is giving us major “Clueless” vibes. Gold Rush ‘Tis the season to sparkle and this dazzling, floor-length gold skirt will do the trick. Take note of the chic black bow detail at the waist — it’s the ultimate party look. Feathered fashion The brand works with environmentally-friendly materials such as organic cotton, recycled polyester and faux fur, so you can be sure this feathered look doesn’t come at the cost of an animal’s life. Jewel Tones If you want to glisten like a polished jewel at your next festive function, this emerald-colored skirt is the perfect choice with its sequin details and shimmery overlay. Golden Girl Leopard print
GMT 09:47 2017 Sunday ,26 March
South Sudan rebel movement hit by fresh defections
GMT 03:23 2017 Monday ,17 April
Oman to take part in Rabat meeting
GMT 07:20 2016 Sunday ,19 June
Prices rise in Sana'a and worsening water crisis in Taiz
GMT 09:46 2015 Friday ,20 March
Magical views from top of the world for solar eclipse
GMT 14:43 2017 Tuesday ,03 October
EU parliament to denounce lack of progress on Brexit
GMT 19:07 2017 Sunday ,22 October
Taliban strikes on Afghan bases a ‘show of strength’
GMT 02:12 2017 Wednesday ,27 December
Lactalis Baby Milk Contamination
GMT 04:34 2017 Thursday ,21 December
Royal row as body of king who aided Mussolini returns
GMT 02:53 2016 Sunday ,03 July
Defending champ Henderson leads LPGA Portland Classic
GMT 22:33 2017 Sunday ,02 July
China's launch of second heavy-lift carrier rocket fails
GMT 04:56 2017 Friday ,10 November
9-year-old British boy ‘pledged support for Daesh after watching terror videos’
GMT 02:13 2017 Tuesday ,03 October
China's president Xi congratulates Trump on winning US presidency
GMT 01:48 2017 Wednesday ,22 November
ERC provides aid relief in Hadramaut districts
GMT 09:06 2017 Thursday ,09 March
Digital publishing pays off for Axel Springer
GMT 13:03 2016 Wednesday ,21 December
Fila partners with Mountain dews green label exclusives
GMT 05:54 2017 Saturday ,08 July
Japan to raise crude storage capacity for Saudi Aramco
GMT 11:43 2017 Sunday ,21 May
Hamada Helal almost finishes filming “Jackpot”
GMT 09:15 2017 Thursday ,09 November
Government Treasury Bills issue 1677 fully subscribed
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor