Chinese Authorities Probe Alleged Seizure of School Worth Nearly One Billion Yuan
2 Articles
2 Articles
Chinese Authorities Probe Alleged Seizure of School Worth Nearly One Billion Yuan
A dispute over one of Hebei’s largest private schools has triggered an official investigation after its founder alleged that local officials used relatives and nominal payments to acquire a major stake in the institution while leaving him responsible for its debts.
Han Shihui, founder of Zhizhen Middle School in Anping County, Hebei Province, filed a formal complaint accusing several current and retired public officials of embezzling assets through methods such as nominee shareholding by relatives, acquiring shares at low prices, and transferring school revenue. This has plunged the benchmark private high school, which had annual profits exceeding 200 million yuan, into a massive debt crisis. The topic of …
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