NewsChina
CORRUPTION

Property billionaire Zhu Xingliang arrested on corruption charges

Founder of Suzhou Gold Mantis Construction Decoration arrested in graft probe after being linked to former Nanjing mayor who was sacked for corruption last year

PUBLISHED : Tuesday, 28 January, 2014, 11:36am
UPDATED : Tuesday, 28 January, 2014, 11:45am
 

Jiangsu billionaire Zhu Xingliang, founder of Suzhou Gold Mantis Construction Decoration, who was reportedly linked with graft probe into former Nanjing mayor, has been arrested on corruption charges, the interior design company said in a statement on Monday evening.

Mainland media reported that Zhu was implicated in the investigation of former Nanjing mayor Ji Jianye, who was sacked in a graft probe in October last year. Zhu has been put under supervision at his home since July.

China Business News reported operation remains normal at the company, quoting an anonymous insider. The Shenzhen-listed company has said Zhu does not play a management role at Gold Mantis, even though he is the largest shareholder in the company.

The company also said in a statement on Monday that its total revenue reached 18.3 billion yuan (HK$23.3 billion) last year, an increase of 31.82 per cent from a year earlier, and its net profit rose by 41.2 per cent to 1.6 billion yuan.

Zhu, 55, with assets of 18.9 billion yuan, was listed as Jiangsu province’s richest businessman last year by mainland financial magazine New Fortune.

His close ties with senior officials have won Gold Mantis dozens of prominent projects in recent years, including interior decoration for National Centre for the Performing Arts, the National Museum of China, the Beijing National Stadium, and the Jiangsu room in the Great Hall of the People, according to the China Business News reports.

An earlier report carried by People’s Daily online said Zhu was among a few contractors with close ties to Ji, and was undertaking massive urban renovation projects Ji had initiated in both Yangzhou and Nanjing.

 

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