BEIJING police have arrested a key suspect believed to be behind the ''Great Wall bond scandal'', the pro-Beijing Wen Wei Po newspaper reported yesterday.
The report said a ''responsible official'' of the Beijing Great Wall Machinery and Electric Technology Development Corp had been arrested for violating the Government's regulation concerning the issuing of company bonds.
Although the newspaper report did not identify the suspect, it is believed the police arrested company president Shen Taifu, who has been under surveillance since March.
Shen made headlines three months ago when he said he had filed a lawsuit against the Governor of the People's Bank of China, Li Guixian.
He accused the governor of ''unlawfully'' suspending a bond issue of his company and claimed the suspension was against the interest of the subscribers.
The bond issue was rejected by the bank which based its decision on a government regulation that limited the dividend offered by any bond issuers to no more than 40 per cent above the bank's saving rates.
