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Executives at one of China’s largest copper trading houses have lost contact with the company’s founder and believe that he has been detained by police for questioning, according to people familiar with the matter.
The people didn’t give a reason for He’s detention. Maike and He have been the focus of legal action by creditors since the company ran into difficulties last year during China’s extended Covid lockdowns, when it began experiencing difficulties paying for purchases.Multiple attempts to contact He and his family by phone calls and text messages weren’t successful. Maike declined to comment in an email. The Shaanxi Provincial Public Security Department didn’t respond to a fax seeking comment.
He founded Maike with a group of friends in 1993, and started out trading mechanical and electrical products before shifting focus to copper. With a wide network of friends and business contacts, He built Maike into a vital conduit between big international traders and Chinese consumers, to feed the country’s insatiable appetite for raw materials during the 2000s commodity supercycle.
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