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Thread: China hunts fugitive commodities trader
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[quote=MARRIE,307722]China hunts fugitive commodities trader By Joe Mcdonald, AP 16 July 2008 @ 09:42 am EST BEIJING - As demand for soybeans, copper and other raw materials surged, investors flocked to Huaxia Commodities Spot Exchange Co., plunging into the risky world of commodities in search of better profits amid slumping Chinese stock prices. But now Huaxia's boom has collapsed amid accusations its founder fled to the United States last week with up to $25 million in customers' money. Police have launched a manhunt for him and say several employees have been detained. Investors who include farmers and entrepreneurs besieged Huaxia's Beijing headquarters last weekend, demanding their money. The collapse comes at an especially awkward moment for communist leaders, just weeks before the Beijing Olympics open Aug. 8 and at a time when China's stock market is near 16-month lows and investor confidence is weak. [/quote]
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