Rich-list tycoon held over 6m yuan tax-dodge claim
A Guangdong tycoon who made it to the Hurun Report's China rich list has been detained for allegedly avoiding payment of more than 6 million yuan in value-added tax.
Local media reports said police arrested Zhou Weibin , 43, who made his fortune from paints and was once named one of Guangdong's most outstanding youths, on October 24 after an investigation by the local tax bureau.
Mr Zhou, a native of Shunde , which for many years was the richest city on the mainland, allegedly evaded 6.47 million yuan in tax levied on Jinlong Printing Chemicals, a subsidiary of his Jinguan Paint Co. He dropped to No 438 on Hurun's list this year, down from No 231.
Pan Shiyi , the chairman of property developer Soho China, said being on the list could cause trouble, but people could not blame it if they were investigated for tax evasion.
Mr Pan challenged the accuracy of the list, which is based on listed companies' financial statements and media reports in the case of unlisted companies, and denied his family was as rich as Hurun made out. His wife, Zhang Xin, was ranked 16th on Hurun's list of rich women, but he did not make the men's list.
As to whether Mr Zhou's detention may have political significance, as in the case of Shanghai tycoon Zhang Rongkun , who was linked to the pension fund scandal that brought down Shanghai party boss Chen Liangyu , Mr Pan said there should not be too much analysis of tycoons in trouble.
'Don't try to complicate things. Keep it simple. [Tycoons should] just watch their bottom line. If they think they are wronged by the government, they have avenues of complaint.'
