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Chinese-born Dutch tycoon is jailed in China

According to a Yonhap news agency report, Yang Bin, who was recently hand picked by North Korea to run its Sinuiju Special Administrative Region, is now behind bars in China. North Korea was counting on Yang and his experience to turn this Region into a capitalist free market zone.

Yang was accused of tax evasion of about $1.2 m in China. Last year Fortune magazine placed Yang among the wealthiest men in China with assets of $900 m. Yang’s arrest came as a surprise because his company has until October 12 to pay the tax arrears. Some longtime China watchers speculate that Yang’s arrest shows that Beijing was not happy with North Korea’s decision to pursue a capitalist path without seeking its advice.

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