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China Insider’s ‘Serious Economic Problems’

From the China Compliance Digest (Issue No. 16: May 21, 2012):

Qian Qingfa, former chairman of the Taishun County National People’s Congress Standing Committee, was recently apprehended by county authorities. The official reason for Qian’s detention was “serious economic problems,” a phrase often used by authorities as a euphemism for corruption.

Qian’s case is reportedly connected to the infamous illegal-lending scandal surrounding Wenzhou Liren Group, whose chairman Dong Shunsheng was arrested in February 2012 after the company disclosed its inability to pay back loans totaling more than two billion yuan (US $32 million).

Liren Group was based in Taishun County, and did much of its fundraising there. Local investors have filed a lawsuit against Taishun authorities for alleged negligence in supervising Liren Group’s activities.

According to an article in Hangzhou Daily, Qian’s son at one point managed a Liren Group coal mining project in Inner Mongolia.

County government denied any relationship between Qian’s arrest and the Liren Group case.  
Source: Hangzhou Daily (杭州日报)


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