Business
22:37, 12-Jul-2017
Fraud trial starts for three Henan Yunda employees
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A trial has begun in central China's Henan Province concerning the alleged crimes of three employees from the Henan Yunda Real Estate Company.
The three employees are charged with two counts of fraud, according to the Kaifeng City Intermediate People's Court.
The "actual controlling shareholder" of the company, Guo Wengui, fled China in August 2014 and is suspected of multiple crimes. He is currently subject to an Interpol Red Notice.
From May 2008 to April 2015, Guo allegedly told the three to set up shell companies and fabricate contracts and projects to fraudulently obtain loans, worth a total of 1.44 billion yuan (211 million US dollars).