A woman who heads Shanghai's largest private business group will be tried this month on charges of embezzling more than $140 million from Hong Kong investors.
Gui Aizhen, one of the richest people in Shanghai, was charged with embezzling $130 million from Hong Kong investors in the Huahai Property Development Company, the Xinmin Evening News said.
Gui, 52, was boss of the Just-Huahai Group, its nine subsidiaries and two Shanghai-Hong Kong joint-venture property developers - Huahai and the Huatian Property Development Company, the Shanghai Daily said.
She also was accused of falsifying contracts to embezzle $11 million from other Hong Kong investors in Huatian, the Xinmin Evening News said.
The reports did not identify the Hong Kong partners.
Gui, in police custody since June, is one of China's top female entrepreneurs.
