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Wanted Chinese tycoon: 'I'm innocent'
By Alex Frew McMillan
HONG KONG, China (CNN) -- Wanted Chinese millionaire Yang Rong has professed his innocence, saying he has not committed "economic crimes." Yang, founder and former CEO of Brilliance China Automotive Ltd., fled to the United States in May and is wanted by Chinese authorities. Brilliance China said Wednesday that officials in Liaoning Province approved Yang's arrest on October 18 for "suspected involvement in economic crimes." Brilliance China, the country's largest minibus maker, dismissed Yang from his post in June. At the time, it blamed the split on differences with major shareholders. Accused of embezzlementYang now tells local newspapers that the mainland police are accusing him of embezzling state assets. But he faults the authorities for being vague in their official charges. He says the Liaoning government accuses him of fleeing with 600 million yuan ($72.5 million) in state assets. "However, I was not involved in any economic crimes, I did not evade tax payment," he told the South China Morning Post. "I did not pocket any state assets," he affirmed. Yang is rated as China's third-richest man by Forbes magazine, with a personal wealth estimated at $840 million. Yang said the Liaoning authorities are trying to use the warrant for his arrest to stop a civil lawsuit filed by Hua Bo Finance, a company he controls. Attempt to block suitThe province is attempting to take over all of Brilliance China, rather than just the state-owned portion, he said. A civil suit cannot proceed if the plaintiff is subject to a criminal lawsuit. Yang and his backers filed suit on October 14 in Beijing to prevent the province taking over Brilliance China. The company is based in the northeastern city of Shenyang, Liaoning's capital. But they filed the suit on behalf of Hua Bo Finance rather than Yang himself, expecting he would be charged in a criminal case. Yang, now in Los Angeles with his wife and children, remains a director of Brilliance China and of Shanghai Shenhua Holdings Co., an auto parts maker that distributes Brilliance China's minibuses. He is also chairman of Compass Pacific, a company that runs video-game centers and makes auto parts. Stock closes upBrilliance China shares, listed in New York and Hong Kong, were suspended in both cities on Wednesday as it confirmed the arrest warrant served on Wang. They resumed trading on Thursday, closing up 2.06 percent at HK$0.99 in Hong Kong, having fallen 18 percent over the last three months. The company issued a statement that "Mr. Yang's personal affairs are not expected to have any effect on the management, business or operations" of Brilliance China.
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