Shanghai tycoon Zhang Rongkun has been arrested for his alleged
involvement in the city's social security fund scandal, according
to a company statement.
Zhang, chairman of the Fuxi Investment Holding Co., Ltd., is the
first one arrested in the scandal, said the company in the one
sentence statement on Saturday.
The statement did not describe charges against him.
The company said earlier in August that Zhang was assisting the
investigations.
Zhang, 33, was ranked 16th richest man in China by Forbes
magazine last year with a fortune of US$605 million.
Earlier on Monday, Zhang was dismissed from his post as member
of the National Committee of the Chinese People's Political
Consultative Conference (CPPCC).
Last month, Chen Liangyu, secretary of the Shanghai Municipal
Committee of the Communist Party of China, was sacked for his
involvement in the scandal.
Qiu Xiaohua, former head of China's National Bureau of
Statistics (NBS), was the latest senior official to be found to
"have seriously violated disciplines" in the Shanghai social
security fund fraud,?NBS spokesman Li Xiaochao said on
Thursday.
(Xinhua News Agency October 22, 2006)