Govt asks Interpol to nab fugitive

Chinese judicial authorities have asked Interpol to issue a Red Notice for the arrest of Liao Rongna, a Chinese businessman suspected of raising billions of yuan illegally and who has fled the country, the Xinhua News Agency reported Monday.

Liao, 58, is the chairman of Zhengling Group, a private auto and machine manufacturer based in South China's Guangxi Zhuang Autonomous Region. Liao was listed among the wealthiest individuals in China by Hurun's Rich List in 2009.

Chinese authorities have also asked the international police organization to arrest Liao's wife, Xinhua reported.

Local media reports saying Zhengling Group had problems repaying its borrowing emerged earlier this year, but the company had as late as May characterized the reports as "rumor" and "speculation."

Xinhua said police found more than 1,500 loan contracts, involving about 3.2 billion yuan ($520 million), as part of its investigation. As many as 600 creditors have registered with local public security agencies, and more creditors are expected to emerge, the news agency said.