A former chairman of Shanghai Broadband Technology Co Ltd, a communications equipment maker and distributor, has been arrested for allegedly misusing company funds, an official newspaper reported on Wednesday.
Zhang Jie was involved in a scandal that saw executives at Shanghai Broadband's largest shareholder, SVT Group, misuse 598 million yuan ($75.25 million) of funds by the end of 2005, the Shanghai Securities News reported, quoting unnamed sources. He was chairman of Shanghai Broadband between 2000 and August 2005, and earlier served as deputy general manager, the newspaper said.
In a statement, Shanghai Broadband said 38.5 million of its shares held by SVT had been frozen by a court until September 10, 2007. SVT holds a total of 55.51 million shares or 21.96 percent of Shanghai Broadband.
Comments
Comments are closed.