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Fugitive Guo Wengui's lies exposed

China Daily USA | Updated: 2017-07-27 10:13

More proof has been given that Guo Wengui, one of China's most-wanted fugitives, has used fabricated and distorted information to mislead the public, this time attacking the reputation of a company manager.

Guo made claims via overseas media outlets and online video platforms that Yao Qing, general manger of GI Technologies (Beijing) Co.,Ltd, was the relative of a senior Chinese official and controlled more than 10 companies, opened bank accounts in different countries, and had over 160 billion U.S. dollars in cash, with a bank and an oil firm under his name.

"Guo's fabricated claims have brought negative impacts on myself, my family, friends and company," said Yao. "It's necessary to make this known to the public, and we reserve the right to use legal means to hold Guo accountable."

Guo, the "actual controlling shareholder" of Beijing Pangu Investment and Beijing Zenith Holdings, fled China under suspicion of multiple crimes in August 2014 and is currently listed under an Interpol "red notice" for wanted fugitives.

According to a statement released by GI Technologies on October 13, 2016, the day he was appointed general manager of the company, Yao was born in 1977, holds Chinese nationality and graduated from East China University of Political Science and Law.

Yao said he had lived in rural areas of Nanhui District, now known as Pudong New Area, in Shanghai until he went to university to study law in 1996. After graduation, Yao was employed by a private enterprise in Shanghai.

Yao's identity information was confirmed by Li Yan, an employee of GI Technologies, who studied in the same high school as Yao. "Yao is from Shanghai. We know his background and he has nothing to do with senior leaders, or huge amounts of assets. What Guo said about him is ridiculous," Li said.

Yao established a Shanghai-based credit risk consulting firm named Weicheng in 2004, and began working in the asset management industry in 2007.

Gao Huaixue, the actual controlling shareholder of GI Technologies, said her company started business in non-performing asset management and disposition in recent years, and then engaged Yao as a professional manager.

Guo's fabricated "relationship tree" showed that Yao had controlled shares of more than 10 companies, however, these companies actually just had business with GI Technologies.

Of the companies, one engaged in petrol engineering technology was acquired by GI Technologies in 2015 and merged with another company in 2016.

However, the new company failed to provide such resources and cooperation was ended by the end of 2016. In 2017, the new company was finally closed.

"In Guo's logic, companies that have business with me actually belong to me together with all their assets. Thus, my assets will be unlimited. Such logic is ridiculous," said Yao.

Guo claimed that "Yao turned state-owned enterprises into his own" through his work dealing with non-performing assets.

"Our company dealt with non-performing assets mainly in private enterprises and helped them gain profit through measures including acquisition and asset reconfiguration," Yao said. "There are no grounds for these claims of embezzling state assets."

"Yao has no shares in GI Technologies, a listed company. Shareholders' information is publicized online by law," Gao said.

"I am the controlling shareholder of the company, and my shares are my own, not Yao's," she said.


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