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Shares of ChinaCast Education (CAST) are getting hit after saying its former VP Shi Shicheng has...
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Monday, July 16, 2012, 5:09 PM ETShares of ChinaCast Education (CAST) are getting hit after saying its former VP Shi Shicheng has been detained by police since mid-June on suspected involvement in loan fraud and misappropriation of school funds during the period from 2009 and 2012. The company has obtained bank statements indicating there may have been a series of cash transfers between Mr. Shi Shicheng’s son, Shi Qinyan, and the company that were not authorized by the company’s board of directors. Shares -7.8% AH.
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