The Chinese media revealed on Thursday that a prominent Hong Kong businessman has been arrested - along with nine others - as part of what has been described as the country's biggest ever tax evasion case.
Police in the southern province of Guangdong announced yesterday that Shi Zhenghui stands accused of falsifying VAT receipts and evading 200 million yuan (US$24 million) in taxes, although reports have suggested that the total amount of tax evaded by all nine of the accused stands at around US$40 million.
A police spokesman was quoted by the state media as announcing that Shi was president of the Hong-Kong listed Global Tech (Holdings) Ltd. However, Global Tech announced last year that Shi had resigned from his position as chairman and managing director of the company in February 2002.
The company denied that it had been aware of the Chinese tax investigation into its former head's tax affairs, according to Reuters.
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