Chinese metals tycoon goes missing after thousands of investors lose $6bn

The chairman of a faltering Chinese metal exchange, which allegedly left investors $6 billion out of pocket, has gone missing. Shan Jiuliang, founder of Fanya Metals Exchange, cannot be contacted, according to Imagi, a Hong Kong-listed animation studio which he also runs. “Shan last attended a board meeting on 15 October 2015, and he has not attended any subsequent board meetings,” it said in a stock market filing. Zhang Peng, Shan’s wife, also a director of Imagi, asked the company to reschedule the most recent board meeting to December 11 from November 27, but none of them showed up.

If they are calling Fanya illegal, it means the government will not take over the mess or look to restructure the exchange. In that case, our money is gone. Why didn’t they take any action earlier? Why did they allow Fanya to advertise on China Central Television and party-run papers?

One disgruntled Fanya investor

In July, hundreds of investors protested outside the Fanya Metal Exchange in Kunming in southwestern Yunnan province, alleging the exchange had lost investments of more than 40 billion yuan ($6 billion). Shan was last seen at a board meeting on October 15. He may have been detained given that the Yunnan provincial authorities were closely monitoring him since the default. The Yunnan provincial government said a “work group” had been “handling Fanya matters”.

Business fanya metals