bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

urlAlias

moreOnThisArticles

sponsorType

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

SCMP Reporter

A furniture tycoon and his daughter have been detained  in the northeastern province of Heilongjiang   for alleged embezzlement of state assets, Xinhua reports.
Feng Yongming   and his daughter Feng Lijia   were arrested  late last month in the province's northern city of Yichun  where their company, Guangming Group Furniture, is based.
The company  is considered  one of the industry's leaders  on the mainland and is listed on the Shenzhen Stock Exchange.
Bai Bo,  secretary general of the  city's government,  said Mr Feng had effectively privatised Guangming Furniture - a state-owned company - and left several hundred  million yuan in  debt to the government.
It was alleged  Mr Feng had fraudulently taken over Guangming  without paying  any money for the company's shares.
Mr Bai said Yichun authorities have  directed  the Communist Party Committee of Guangming Group to  rectify the matter.
'[Feng Yongming] has allegedly breached the Criminal Law by  ... damaging the interest of a listed company, falsely delivering capital contributions, withdrawing the capital contributions and  embezzlement, while the daughter is also suspected of  embezzlement,' Mr Bai said.
Xinhua's report  left out  how much money was allegedly  lost, but quoted the National Business Daily  as saying the case involved 95 million yuan (HK$108 million). It also failed to report  whether any government officials would  be held responsible.
Xinhua reported that Guangming, which used to be the nation's  most profitable furniture maker,  had fallen into  debt in recent years, failing to cite a cause.  But the report  did suggest  that Mr Feng was responsible for the company's losses.
He  was once described as the 'King of Furniture' and was a member of National People's Congress for more than decade until March.
Dozens of  mainland  tycoons have fallen from grace in recent  years for embezzlement and corruption. Many,   such as Mr Feng,  were  members of the national legislature and drew widespread criticism that officials had colluded with businessmen.
Guangming  was Yichun's first listed company and was established in 1985. It was founded in the city  because of its  rich timber resources.



'Furniture king', daughter held over  alleged embezzlement of state assets