Fanya Metal Exchange founder arrested; 1,000 protesters moved on

Shan Jiuliang, the founder and chairman of the Kunming-based Fanya Metal Exchange, was arrested in December, leaked police documents reveal.

Shan was taken into police custody in December as part of an investigation into the activities of Fanya, which stopped trading in July last year amid the unravelling of its Ri Jin Bao product, a Shanxi police document published by news agency Quartz indicates. 
The promise of a 14% return with minimal risk had investors flocking to the exchange, with some 220,000 investors registered to trade the 14 metals, including indium, germanium, antimony and bismuth, Metal Bulletin was told in May. 
The head of the bourse has been taken into custody on suspicion of “illegally absorbing public savings”, after the trading platform froze an estimated $6 billion of investors’ cash. 
 

Shan and other company executives were arrested for the crime, after...

Published

James Heywood

Anna Xu

January 28, 2016

14:40 GMT

London