Boss of textile company arrested

SHANGHAI: Tao Shoulong, boss of one of the mainland's largest textile and dyeing companies, has been arrested on suspicion of illegally raising funds and destroying accounting documents.

Tao allegedly made employees of his firm, Zhejiang Jianglong Textile Printing & Dyeing Co Ltd, and friends borrow more than 80 million yuan ($11.7 million) on his behalf from individuals and companies in Shaoxing and Hangzhou at high interest rates. He has failed to repay nearly 70 million, the Xinhua News Agency said.

He fled with his wife Yan Qi, general manager of the company, at the end of September. They were arrested soon after while attempting to leave the country from Guangdong province.