Jun 29, 2011 03:28 PM

Former Neo-China Land Chairman Wanted by ICAC

By intern reporter Zhu Yishi

(Beijing) -- Li Songxiao, former chairman of Neo-China Land Group (Holdings) Ltd. was listed as "wanted" by the Hong Kong Independent Commission Against Corruption (ICAC) on suspicion of fraudulent transactions.

According to a website disclosure by ICAC, Li and two other former executive directors of the company conspired to make illegal property transactions between Neo-China and British Virgin Islands-registered companies, with the aim to "artificially inflate the profit and assets of Neo-China."

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