Owner of Famous Wenzhou Garment Exporter Suspected of Fraud
- Published: Friday, 27 June 2014 22:53
- Written by CHINA WENZHOU GUIDE
Xu Yunxu, a well-known female entrepreneur in Wenzhou and chairman of Wenzhou Tengxu Garments Co., Ltd., is being investigated by police for being suspected of gaining over 20 million Yuan of export tax refund by fraud from the state.
Wenzhou Tengxu Garments, founded in 1993 and headquartered in Wenzhou’s Ouhai District, is one of Wenzhou’s largest garment exporters. Over years of development, Tengxu Garments has owned multiple businesses, including apparel export, Wenzhou Garment Development Building, BLOWD children’s clothes etc. The export business of the company is said to be the most profitable and stable. Xu Yunxu, founder of Tengxu Garments, has also grown into a business star in Wenzhou along with the company’s development. In addition, she is also holding various social positions in the city, such as the 12th Wenzhou NPC member, vice chairman of a local clothing chamber of commerce, and has been awarded many honors.
According to the investigation by the police, Wenzhou Tengxu Garments Co., Ltd. and Xu Yunxu are suspected of gaining a large amount of export tax refund by fraud from the state. From 2011 to 2013, Wenzhou Tengxu Garments Co., Ltd. and its subsidiary import and export company fraudulently reported to the state fake exports amounting to USD 25.93913 million for the purpose of gaining more than 26 million Yuan of export tax refund. Meanwhile, more fraudulent exports of the company are being investigated. Currently, the production of the company has stopped with most employees leaving.