China hunts law-breaking billionaire

Working with international police, China is hunting a businessman who fled the country to dodge possible responsibilities in an alleged law-breaking financing trickery, authorities said Tuesday.

The International Criminal Police Organization has issued a red warrant for Liao Rongna, actual controller of Zhengling Group, a private conglomerate based in Liuzhou, Guangxi Zhuang Autonomous Region. He is suspected of illegally absorbing public deposits, the Liuzhou public security bureau said.

The investigators found Liao took in several billion yuan worth of loans by promising high returns, but failed to repay his debts.

More than 1,500 loan contracts worth 3.2 billion yuan (519.8 million U.S. dollars) were uncovered in investigations since April.

Liao's wife, former vice chair of Zhengling's board of directors, is also wanted by Chinese law-enforcers, the bureau said.

Liao, who made the Hurun Rich List in 2009, was rumored to escape to evade police. His younger son, former chair of the board of directors, was detained by police in June, the bureau said.

In China, the harshest punishment for being found guilty of illegally absorbing public funds is death penalty.

Zhengling Group used to be among top 100 enterprises in Guangxi, with its businesses covering automobiles, construction materials and logistics, among others.