China Daily, 26 Nov 2008, Cao Li
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.
Zhejiang Jianlong listed on the Singapore stock market in 2006, the first Chinese textile company to do so.
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