Accusations by fugitive Guo rejected

Guo Wengui, one of China’s most-wanted fugitives, used fabricated and distorted information to mislead the public and attack the reputation of a company manager.

Yao Qing, general manager of GI Technologies (Beijing), who was the target of accusations, strongly objected to claims made by Guo through overseas media outlets and online video platforms.

“Guo’s fabricated claims have brought negative impacts to me, my family, friends and company. It’s necessary to make this known to the public, and we reserve the right to use legal means to hold Guo accountable,” Yao said.

“Guo’s fabrications and vicious words have greatly impacted my reputation, as well as that of the company, executives and employers, and I express my strong outrage.”

Guo claimed that Yao was a relative of a senior Chinese official and controlled more than 10 companies, had bank accounts in other countries and held more than $160 billion in cash. He also claimed Yao was a principal in a bank and an oil company.

Guo, who was suspected of multiple crimes, fled China in August 2014 and is currently the subject of an Interpol “red notice” for wanted fugitives.

In China, he was the controlling shareholder of Beijing Pangu Investment and Beijing Zenith Holdings.

A statement by GI Technologies in October introducing Yao when he was named general manager of the company noted that he was born in 1977, holds Chinese nationality and graduated from East China University of Political Science and Law.

Yao said he had lived in rural areas of Shanghai’s Nanhui district, now known as Pudong New Area, until 1996, when he went to study law. After graduation, Yao was employed by a private enterprise in Shanghai.

Yao’s biographical information was confirmed by Li Yan, an employee of GI Technologies, who studied at the same high school as Yao.

“Yao is from Shanghai. We know his background, and he has nothing to do with senior leaders or huge assets. What Guo said about him is ridiculous,” Li said.

Yao established a Shanghaibased credit risk consulting firm called Weicheng in 2004. He began working in the asset management industry in 2007.

Gao Huaixue, the controlling shareholder of GI Technologies, said her company started working in nonperforming asset management in recent years, and engaged Yao as a professional manager.

Guo, the fugitive, alleged that Yao held controlling shares in more than 10 companies. But Yao said the companies simply had business relationships with GI Technologies.

One of those companies, which was engaged in fossil fuel engineering technology, was acquired by GI Technologies in 2015 and merged with another company in 2016. However, the new company failed to deliver, and cooperation was ended at the end of last year, Yao said. The new company was closed earlier this year.

“In Guo’s logic, companies that have business with me actually belong to me, together with all their assets. Thus, my assets will be unlimited. Such logic is absurd,” Yao said.

Guo claimed that Yao “turned State-owned enterprises into his own” through his work dealing with nonperforming assets. But Yao said that wasn’t true.

“Our company dealt with nonperforming assets mainly in private enterprises and helped them become profitable through measures including acquisition and asset reconfiguration,” Yao said. “There are no grounds for any claims of embezzling State assets.”

According to Gao, the major shareholder of GI Technologies, “Yao has no shares in the listed company. Shareholder information is publicized online by law,” she said. “I am the controlling shareholder of the company, and my shares are my own, not Yao’s.”

According to the Chinese police, Guo’s list of alleged relationships was fabricated by Chen Xiangjun, 43, from Leizhou, Guangdong province. Guo allegedly paid Chen 50,000 yuan ($7,420) to provide him with fake business data.

Police said Chen confessed that he had originally created the so-called relationship tree and that he only discovered later that Yao was an employee of the company with no shares.

GI Technologies’ Gao said that “if the company has suffered from Guo’s rumors, we will not rule out legal action to safeguard our rights”.

If the company has suffered from Guo’s rumors, we will not rule out legal action to safeguard our rights.” Gao Huaixue, the controlling shareholder of GI Technologies