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In Ocotber 2011, Chi Wanming, president of Shanghai Sinb Group, once fled to Romania and was soon persuaded to return. He was reported to flee again till he was arrested in Zhejiang with the involvement in “illegally absorbing deposits of the mass” on March 28, 2012.
Before his disappearances in October 2011, Chi Wanming held several honorable titles, with which he began to borrow loans. Before 2010, he borrowed about ten million yuan, but in 2010 he borrowed 1 billion yuan. The amount further increased in 2011. In May 2011, Sinb Group began to borrow a lot of money from Jiangsu, especially Suzhou. Some lenders asked for 6% annual interest rate but Chi promised the 8% interest rate, hoping to get more loans.
The results proved that he succeeded in borrowing a huge amount of loans. It is known that Shanghai Sinb Group carried the debt of 4.9 billion yuan, which greatly outnumber its total assets. Shanghai Sinb Group has branches in Suzhou, Zhenjiang, Lianyungang, Yancheng and Huai’an, which are engaged in steel, trade and property. According to the public reports, his company needs to pay at least 100 million yuan each month, which is only the interest of his debts.
Before his disappearances in October 2011, Chi Wanming held several honorable titles, with which he began to borrow loans. Before 2010, he borrowed about ten million yuan, but in 2010 he borrowed 1 billion yuan. The amount further increased in 2011. In May 2011, Sinb Group began to borrow a lot of money from Jiangsu, especially Suzhou. Some lenders asked for 6% annual interest rate but Chi promised the 8% interest rate, hoping to get more loans.
The results proved that he succeeded in borrowing a huge amount of loans. It is known that Shanghai Sinb Group carried the debt of 4.9 billion yuan, which greatly outnumber its total assets. Shanghai Sinb Group has branches in Suzhou, Zhenjiang, Lianyungang, Yancheng and Huai’an, which are engaged in steel, trade and property. According to the public reports, his company needs to pay at least 100 million yuan each month, which is only the interest of his debts.