 "Man wanted in China for 8 million financial fraud detained by Indonesian authorities – Firstpost")
Indonesian authorities confirmed that the accused had been traveling through several Asian countries since August before entering Indonesia on October 7.
Indonesian authorities announced Tuesday that they have detained a Chinese real-estate executive who was wanted internationally in connection with a corporate loan default of about $138 million.
The 58-year-old man, identified only by the initials WZ, was arrested on the Indonesian island of Batam on Thursday following a request from the Chinese Embassy in Jakarta.
According to Indonesia’s immigration intelligence director Agus Waluyo, who spoke AFPWZ is the former chairman and director of a Chinese real estate firm that failed to repay a loan of 980 million yuan (about $137.8 million).
After police investigations identified him as a financial crime suspect, WZ reportedly fled China, prompting a wanted notice.
Indonesian officials confirmed that WZ had been circulating between several Asian countries since August before entering Indonesia on October 7. He is currently being held by the Directorate General of Immigration for further investigation.
The arrest comes amid a long-running crisis in China’s property sector, where excessive debt has led to the collapse or near-collapse of major property developers such as Evergrande, shaking the Chinese economy.
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