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White collar gang flees with big public cash
By Jiang Zhuqing (China Daily)
Updated: 2005-01-28 01:31

A senior manager for Aviation Securities Corp (AVSC) led a gang of employees who stole and fled with US$36 million of public housing funds, it has been alleged.

Police are searching for Fan Jianhua, a general stock manager of AVSC's Baoding Branch in North China's Hebei Province who is understood to have masterminded the theft. He is believed to be the ringleader of several local government officials and colleagues including an accountant and a computer system worker.

The China Daily has discovered most of the money some 300 million yuan (US$36 million) taken by the thieves was public housing funds entrusted by the city's public housing funds administration centre to the Baoding Branch.

But senior AVSC managers have issued an announcement, claiming "the content of reports in some individual media is severely baseless, and has led to misunderstanding among investors."

But they confirmed "some indivi-duals of the Baoding Branch are suspected of being involved in crimes which the local judicial departments have put on the record and have started investigations."

The announcement said the AVSC's Baoding Branch is operating normally. Meanwhile, nobody answered the phone yesterday when reporters dialed the information number of the branch.

AVSC chiefs rushed to Baoding to assess the huge loss, the Chinese Finance Information Network reported in its website.

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