19 July 2019

Bitter taste for biscuit giant as boss flees, paper says

The fate of Anyang Jianfeng Food is in doubt with the disappearance of Henan biscuits tycoon Zhu Donghai, Shanghai Daily reported Wednesday, citing a China Business News report. Zhu has apparently fled to Hong Kong with his family and there has been no contact with him since November while his company grapples with about 300 million yuan (US$48.3 million) in unpaid loans to a local branch of Agricultural Development Bank, the report said, citing unidentified sources. The sources said the company has also borrowed widely from private funding channels to fuel its expansion.

– Contact HKEJ [email protected]


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