Elevated bus project exposed
- July 6, 2017
- Posted by: Simon Wait
- Category: Industry News
Beijing police are reported to have detained 32 people, including the chief executive, in relation to China’s futuristic road-straddling bus project.
The move follows reports from investors of illegal fundraising with authorities claiming the whol thing may have been little more than a scam.
The vehicle gained global attention last year when video emerged of it during a test run in north eastern China. However, Chinese state media immediately began questioning the legitimacy of the project, raising concerns that it was just a publicity stunt funded by peer-to-peer lending.
Authorities are now taking those allegations seriously and Beijing police are investigating Huaying Kailai, an online financing platform through which the elevated bus company raised some of its funds.
According to state media, one of the people detained is Bai Zhiming, the chief executive of the elevated bus firm and the chairman of Huaying Kailai.
Authorities are now appealing to investors to come forward to assist in the investigation.
