Shan Jiuliang, chairman of Imagi International Holdings and founder of Fanya Metals Exchange, has officially disappeared. He was last seen at a board meeting in mid-October, and has not been at any meetings since.
Reports state that in July, more than $4 billion in investments were frozen by Shan’s metal exchange and investors stopped receiving payments. Disgruntled investors took to the streets of Shanghai last month to protest.
In August, Shan was kidnapped from a luxury hotel by angry Fanya investors. Those investors snatched him up and drove him directly to the police station without passing go. He was, however, later released without charge.
Jiuliang’s is not a surprise to some as the businessman is at the center of an ongoing investment scandal involving the Fanya Metals Exchange, which once had $7 billion in US assets and over 200,000 investors. Unfortunately it seems to be all too common for Chinese businessmen to disappear.
By Mary DeMay