'King of the Road' on trial in Shanghai
China Daily | Updated: 2009-02-26 07:42
SHANGHAI: Highway tycoon Liu Genshanc went on trial yesterday at Hangzhou's Shangcheng District People's Court charged with embezzling 150 million yuan ($21.7 million) from a highway company in Zhejiang province.
The former chairman of the Shanghai Maosheng International Group is accused of withdrawing 150 million yuan of the registered capital of the Shaoxing Yongjin Highway Development Co between 2002 and 2004, which also caused a 14 million yuan loss of interest.
He is also charged with acquiring a 30-percent stake in the firm in 2004 for 127 million yuan, when the true price was 433 million yuan.
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