Chinese businessman Yang Zongyi was detained by police on Nov. 17 and accused of illegally absorbing public funds. The arrest comes a few days after a tycoon from Hebei Province was arrested and Chinese leader Xi Jinping’s inspection tour of Yang’s hometown of Nanjing city, Jiangsu Province. Yang’s arrest also signals political infighting within the CCP, experts say. Yang is the founder of the conglomerate Fuzhong Group and also controls the majority of shares in Fuxin Company, according to Chinese media reports. The local police in Jiangsu announced that Fuxin Company used high interest rates as bait to absorb funds from the public and was suspected of illegally absorbing public deposits, the reports said. On Nov. 17, the police detained Yang and Xia Weiguo, an executive at Fuxin Company. According to a report published by Rongzhong Finance on Nov. 18, the relevant governmental departments have also taken over Fuzhong Group’s …
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