China Syndrome‾: ZTC's bosses vanish

ZTC Telecommunications, the Chinese mobile maker, claims its chief executive and general manager disappeared last week, destabilising the company and leading to it suspending its shares on AIM.

The group said Chaohui Huang, chief executive and ZTC's majority shareholder, and Yang Ruijin, general manager, had been uncontactable since Wednesday, the Financial Times reports.

The report quoted the company saying that their absence had destabilised ZTC's employees and creditors "and may have resulted in the removal of some of the group's assets from its factory site" in Shenzhen.

ZTC had been due to report full year results next Monday.

The company said local authorities had sealed its factory and buildings. The group is in the process of selecting local legal counsel.

CEO Huang has a 74.3% stake in ZTC, but is also one of the group's largest creditors, with three loans since July 2006 totalling $2.6 million (€2.084 million), due for repayment in June 2009.

The FT points out that last month Canton Property Investment was also suspended on AIM when its executive chairman Keng Wong disappeared too.

Suggested Articles

Wireless operators can provide 5G services with spectrum bands both above and below 6 GHz—but that doesn't mean that all countries will let them.

Here are the stories we’re tracking today.

The 5G Mobile Network Architecture research project will implement two 5G use cases in real-world test beds.