Date
20 October 2017

Steel trader denies fleeing China over debts, paper says

Xiao Jiashou, dubbed as Shanghai’s “steel-trading king”, denied rumors that he has fled the country over debts of 3 billion yuan (US$492 million), adding that he is still talking with the banks, the Shanghai Daily said Monday, citing a China Central Television report. Xiao, chairman of the Shanghai Songjiang Steel Market, one of the biggest of its kind in the country, failed to attend court hearings over financial disputes with several banks on Feb. 10, triggering speculation he may have gone abroad. But Xiao told CCTV by phone that he is still in Shanghai and negotiating with the banks, although he declined further comment, the report said.

– Contact HKEJ [email protected]

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