Chinese businessman Yang Zongyi was detained by police on Nov. 17 and accused of illegally absorbing public funds. The arrest comes a few days after a tycoon from Hebei Province was arrested and Chinese leader Xi Jinping’s inspection tour of Yang’s hometown of Nanjing city, Jiangsu Province. Yang’s arrest also signals political infighting within the CCP, experts say.
Yang is the founder of the conglomerate Fuzhong Group and also controls the majority of shares in Fuxin Company, according to Chinese media reports.
