Simon Liang Xiaolei, former president and CEO of China’s bankrupt Sinopacific Shipbuilding, has been arrested in Yangon airport, Myanmar, accused of tax evasion in China.
According to local reports, the Burmese police arrested Liang before he boarded a plane to Thailand under the request of Chinese police, who allege Liang has been unable to pay over RMB1m ($150,000) of tax owed.
Liang was been transferred to Chinese police after the arrest.
Once a major private shipbuilder in China, Sinopacific Shipbuilding was hit by a financial crisis and all the three subsidiary yards of Sinopacific, Zhejiang Shipbuilding, Dayang Shipbuilding and Sinopacific Offshore went into restructuring and were acquired by new owners. Liang’s privately owned Evergreen Holdings, which controls Sinopacific Shipbuilding, has been in deep financial trouble with total liabilities amounted to nearly RMB7bn. ($1.04bn).
Last September, a local court in Beijing held an auction to sell a property owned by Liang at the request of his creditors.
About time! How about the Magindustries shareholders that were defrauded??? Will they ever see any justice???
Maybe they will get him to roll over on the Canadian Burton family gang and past management of Magindustries? The debauchery with Magindustries went back to when they announced Complant involvement back in 2010 I believe. Many people and companies involved with that sad sorry story. With the China/Canada tensions the way they are today maybe a good show of respect for the law for all involved on both sides to be exposed for all the corruption that went on. I know of a shareholder that had their life ruined over it all. HOPE!
It was all a massive gamble on the price of potash, and the whole Mag project came tumbling down when a Russian potash cartel broke up and the commodity price crashed. In hindsight it was totally ridiculous for Evergreen to get involved in such an enormous project, which was entirely dependent on factors completely out of their control.