Founder of Chinese Commodities Giant Embroiled in Financial Crime

Police in southern metropolis Guangzhou have taken “coercive measures” against Zhang Jin, the founder and chairman of commodities giant Cedar Holdings Group Co. Ltd., as they investigate a Cedar subsidiary for suspected illegal absorption of public deposits, an official announcement showed Sunday.

The authorities have built a case against Guangdong Yuanfang Investment Co. Ltd. and have taken “criminal coercive measures” against the main suspects, including one surnamed Zhang, according to the announcement released by the Guangzhou police. Such measures temporarily limit a suspect’s freedom and include arrest, detention and residential surveillance.