Pension fund suspect sacked from CPPCC
By Liu Chang (China Daily)
Updated: 2006-10-17 05:34
The chairman of a private company who was allegedly involved in a pension
fund scandal in Shanghai, which led to the dismissal of the municipality's Party
Secretary Chen Liangyu, was stripped of his membership in the top political
advisory body yesterday.
The decision was made by the Standing Committee of the National Committee of
the Chinese People's Political Consultative Conference.
Zhang Rongkun, chairman of Shanghai Fuxi Investment Holding Company and
former director of State-owned Shanghai Electric Group, was taken into custody
in July and is under investigation for fraud.
Zhang, 38, was ranked as China's 16th richest man by Forbes magazine last
year, with an estimated fortune of 4.9 billion yuan (US$600 million).
Shanghai courts froze the assets of Fuxi Investment
Holding Company, a company controlled by Zhang that holds shares in Shanghai
Electric, amid allegations Fuxi used funds illicitly loaned by a city pension
fund to buy toll roads and other assets.