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Third richest man in Xinjiang disappears, assets frozen
XINJIANG - Adding to a recent spat of disappearances by wealthy Chinese businessmen, Xinjiang Hops Co. announced on Tuesday, November 4 that the whereabouts and status of their CEO and largest shareholder, Mr. Aikelamu Aishayoufu, are unknown, following his unscheduled absence from a board of directors meeting on Sunday, according to a BBC report.
Xinjiang Hops followed the announcement with a statement in the Shanghai Securities News that a Xinjiang Special Autonomous Region (SAR) higher court had frozen over sixty-two million of its shares owned by Xinjiang Henyu Development Co, a holding company founded by Aishayoufu.
Other wealthy businessmen known to have been involved in controversies in recent years include Yang Rong, Yang Bin and Zhou Zhengyi.
According to Mainland media sources, the Xinjiang SAR native Aishayoufu is considered to be one of the most powerful men in China. Reported as the third richest person in Xinjiang, the value of his personal property is estimated to be 88.52 million yuan. Asia Money ranks him as the 22nd wealthiest person in China.
Aishayoufu, 45, who headed up the financial management and banking departments at the Xinjiang Division of People’s Bank prior to becoming a private entrepreneur, held 26.62% of Xinjiang Hops Co. stock through Xinjiang Henyu Development Co.
Media reports have placed a market value for Xinjiang Hops Co. at 2.2 billion yuan, but its net worth is purported to be only 600 million yuan. It is reported to have accumulated outstanding loans of 1.79 billion yuan.
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