The founder of China’s biggest refined copper importer has reportedly gone missing. This follows news of financial troubles earlier this year, including a move by ING to sue over unpaid debt.
Maike Metals International founder He Jinbi has not been reachable by colleagues at the copper importer and they have been informed that he was taken away by the police for interviews in his home province of Shanxi, according to a «Bloomberg» report citing unnamed sources. No reason was given for He’s detention.
Founded in 1993 by He and a group of friends, Maike started out trading mechanical and electrical products before later becoming China's largest copper importer. By the 2010s, Maike would expand its reach into the real estate sector, investing in hotels and business centers.
Following reports of largely halted trading, Maike filed a court request in February for «preliminary restructuring». And in July, ING Groep sued He over $147 million of unpaid debt involving a trading arm fully owned by Maike.
