BBC NEWS Americas Africa Europe Middle East South Asia Asia Pacific
BBCi NEWS   SPORT   WEATHER   WORLD SERVICE   A-Z INDEX     

BBC News World Edition
 You are in: Business  
News Front Page
Africa
Americas
Asia-Pacific
Europe
Middle East
South Asia
UK
Business
E-Commerce
Economy
Market Data
Entertainment
Science/Nature
Technology
Health
-------------
Talking Point
-------------
Country Profiles
In Depth
-------------
Programmes
-------------
BBC Sport
BBC Weather
SERVICES
-------------
EDITIONS
Wednesday, 23 October, 2002, 16:12 GMT 17:12 UK
Chinese police seek arrest of car tycoon
Brilliance is the largest producers of commercial vans
The Chinese authorities have issued an arrest warrant for Yang Rong, the missing former chairman of Brilliance, the country's biggest manufacturer of commercial vans.

Police from the north eastern province of Liaoning said they were seeking 46-year-old tycoon Yang Rong in connection with alleged economic crimes.

The news is causing anxiety in Germany, where BMW has a joint venture with Brilliance to build luxury cars in China.

UK-based MG Rover is forging a similar deal with a related company, Shanghai Shenhua, of which Mr Yang is chairman.

Whereabouts unknown

Mr Yang, ranked by Forbes as China's third-richest businessman, with wealth estimated at $840m, is believed to have left China for the US months ago.


He is in dispute with the government over ownership of companies

Steve Vine, Hong Kong journalist

He disappeared in June after Brilliance China announced it had replaced him as chairman and chief executive amid reports of a conflict over control of the company's assets.

Mr Yang is among a number of top Chinese business figures who have run into trouble with mainland authorities over alleged tax evasion or other financial irregularities.

Journalist Steve Vine in Hong Kong told the BBC's World Business Report that Mr Yang was once a central banker but, since moving into the private sector, had developed a "very confrontational style".

New York listing

Mr Yang has denied all charges leveled at him but did admit that he is in dispute with the government over ownership of companies that he controls at the moment.

Ten years ago the company became the first mainland Chinese company to list on the New York Stock Exchange.

It is unclear whether China would seek Mr Yang's extradition, given the lack of an extradition treaty between Beijing and Washington.

Although Mr Yang's businesses are based in mainland China, he has permanent residency in Hong Kong and a green card enabling him to stay in the US.

His wife and children are US citizens.

 WATCH/LISTEN
 ON THIS STORY
Steve Vine, Hong Kong journalist
"The source of his (Yang Rong) finance is all in China."
See also:

21 Oct 02 | Asia-Pacific
21 Mar 02 | England
Internet links:


The BBC is not responsible for the content of external internet sites

Links to more Business stories are at the foot of the page.


E-mail this story to a friend

Links to more Business stories

© BBC ^^ Back to top

News Front Page | Africa | Americas | Asia-Pacific | Europe | Middle East |
South Asia | UK | Business | Entertainment | Science/Nature |
Technology | Health | Talking Point | Country Profiles | In Depth |
Programmes