Shares of ChinaCast Education (CAST) are getting hit after saying its former VP Shi Shicheng has...


Shares 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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