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Authorities in the southwestern province of Sichuan have detained a businessman with links to the family of jailed former head of Chinese law enforcement, Zhou Yongkang.
Liu Canglong was detained as part of ongoing investigations into the collapse of a Sichuan trust company, which was taken over by regulators last year with an estimated 25 billion yuan in debt.
Liu s companies hold a cumulative 54.2 percent stake in Sichuan Trust Co., and he is currently being held by police in the provincial capital Chengdu on suspicion of misappropriating trust funds, his Sichuan Hongda Co. said in a report to the Shanghai Stock Exchange on June 7.