Executives at Maike Metals International Co., one of China s largest copper trading houses, have lost contact with the company s founder, He Jinbi, and believe that he has been detained by police for questioning. He s detention comes after Maike s liquidity crisis last year, which led to legal action by creditors. Maike, which was responsible for a quarter of China s copper imports, has been absent from the market, impacting liquidity in China s copper trade.
China s business tycoons are increasingly at risk as the government cracks down on powerful magnates who fail to align with the Communist Party s agenda. The latest case is that of Hui Ka Yan, founder of Evergrande, which is struggling with over $300 billion in liabilities. Hui has been placed under police surveillance and is being investigated over suspected illegal activities. This trend of disappearing business executives has become common in recent years, with high-profile figures such as Jack Ma and Ren Zhiqiang also vanishing.