09.09
·Verified
·Importance III
·Sources 2
·China
On September 8, according to Cover News, Li Tuchun, the founder of Choclub, has passed away, and his son Li Shuai confirmed the news. Li Tuchun was detained for about 15 months and ultimately received a non-prosecution decision from the prosecutor's office. Wendi Bo, who was responsible for taking over Choclub that year, was later sentenced to 9 years in prison. In June 2010, Li Tuchun was criminally detained on suspicion of illegally absorbing public deposits, and was released on bail pending trial in September 2011. On January 20, 2012,... #China
2010.06.12
·Verified
·Importance III
·Sources 2
·Zhuzhou
On June 12, 2010, Li Tucun, the former president and chairman of the board of the former Hunan Taizunai Group, who once pioneered the golden age of Chinese lactic acid bacteria beverages and twice won the CCTV 'Advertising King' title, was formally placed under criminal detention by the Zhuzhou Public Security Bureau of Hunan Province for suspected illegal absorption of public deposits. On July 20 of the same year, his arrest was approved by the Zhuzhou prosecutorial owns. Previously, the Taizunai Group had experienced a broken capital chain due to the Hunan financial storm of 2008 and the gambling agreement crisis with investment banks during its rapid expansion. To save itself, the group had raised funds from employees and distributors as payment reserves. In 2009, the Zhuzhou municipal government led the establishment of Gaoke Dairy Industry to implement trusteeship. During this period, Li Tucun and the trusteeship group and local officials had a heated conflict over corporate control and restructuring plans. After being detained for approximately 15 months, the Tianyuan District People's Procuratorate of Zhuzhou City issued a 'Non-Prosecution Decision' on January 20, 2012, ruling that his borrowing was of the nature of private lending and corporate financing, and did not constitute a crime. Li Tucun was eventually releaseds without charge.