Galico's Jerry Shao arrested over alleged fraud; company assets to be auctioned off

Jerry Shao, gm of Chinese cobalt salt maker Zhejiang Galico Cobalt & Nickel Material, was arrested on July 16 by local police on fraud charges relating to financial warrants, according to a company official.

Galico’s assets are being audited, and are expected to be auctioned "by the end of October" by creditors, the official said. The company stopped production earlier this year.
The company's plant has a capacity of 5,000 tpy of chemical salts, including cobalt salt. In the second half of 2014, however, it only managed to produce about 20-30 tpm of cobalt salt, according to the official.

On...

Published

September 21, 2015

10:35 GMT

Shanghai