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Metal magnate’s fall from China’s rich list to bankruptcy
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A labourer piles up steel pipes at a steel and iron factory in Shenyang, China, on April 23, 2010.
PHOTO: REUTERS
Yu Ning, Luo Guoping and Denise Jia
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BEIJING - Mr Liu Zhongtian, who founded Zhongwang Group and built it into Asia’s biggest maker of aluminum extrusion products while launching himself onto the Forbes list of China’s richest billionaires, now finds himself under legal restraint with his company in bankruptcy and much of his wealth evaporated. What went wrong?
Zhongwang was set to file a reorganisation plan on June 20, nine months after creditors applied for a bankruptcy restructuring of the manufacturer’s hundreds of subsidiaries and affiliates.
