Yilin Investment Collapse Triggers Protests in Beijing
CHAN:Hundreds of Chinese investors who fell victim to the collapse of the state-owned YiLin company are protesting in Beijing. They demand the company or state give them compensation for the losses they have incurred.STORY:It's early in the morning and hundreds of people are on the streets, protesting outside Beijing's City Council. Most of them are investors who fell victim to YiLin's collapse and are demanding that local authorities step in to help them recover their financial losses. Others are protesting against the Communist regime's acquisition of land and withholding of salaries - which are said to be due to the global financial crisis.The authorities have responded by bringout out one hundred police to quell the demonstrations[Ms. Wu, Witness]: "Victims of the YiLin investment case still hold investment contracts and agreement documents provided by the state council and local governments. Even so, their money wasn't returned when YiLin went broke. The government hasn't done anything for those victims."Even foreign reporters covering the event have been ordered to leave.[Ms. Wu, Witness]: "Associated Press reporters came today, I asked them to make a story about this, but police told them to come back later because he was blocking the road. There were a lot of policemen and police cars, maybe 50 to 60 on both sides of the road."According to publicly available data, a significant number of "YiLin" investors were elderly people who invested their entire life savings. In the Spring of this year, the Yilin Corporation advertised on state-run television (CCTV) to encourage people to invest in a tree-planting scheme in the arid northern region of Inner Mongolia. They were promised huge returns within eight years. However, what people actually bought are pieces of barren land without any trees. So far there has been no comment from authorities.NTD, Beijing.
Channel: News & Politics
Uploaded: November 30, 1999 at 12:00 am
Author: NTDTV
Length: 01:58
Rating: 5.00
Views: 222
Video Comments
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rocksiphone (November 30, 1999 at 12:00 am)
People from all over the World are going to Devour their Government for the corruption they have comitted all these years
rocksiphone (November 30, 1999 at 12:00 am)
I feel sorry for the people, but I don't like China. China does horrendous things to people and animals
TECHKLEC (November 30, 1999 at 12:00 am)
Ms. WU should frame her investment contracts as a reminder to keep her yen in her mattres. |
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