Shanghai: The boss of Zhejiang Xiazhiyuan Ship Management, Xia Hanren, has fled China to escape from mounting debts at the firm, Zhoushan local media has reported.
According to the report, Xiazhiyuan has outstanding debt of around RMB2bn in total. The issue has caused a stir in Zhoushan, as more than 10 companies have provided guarantees for Xiazhiyuan to get bank loans.
Authorities have started investigating the case and a local source said Xia has fled to Singapore.
Xiazhiyuan Ship Management was established in 2008, and it currently runs two vessels. In 2012, the company joined Cosco Shipping’s semi-submersible vessel pool with a 38,000dwt vessel “Xia Zhi Yuan 6”. [29/01/15]
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