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[HugChina] Kungfu founder detained over economic crime

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Bernd Chang

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Posted on Wed, May 11, 2011 09:45 AM 01636

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Public Security Bureau of Guangdong province told reporter that the founder Mr. Cai Dabiao and other three high-ranking executives of Kungfu Catering Management Co., Ltd., a fast growing fast food chain, were detained.

May 11, 2011, Guangzhou - According to the police, after the Guangzhou Public Security Bureau started investigation into Kungfu on March 17, the suspect Mr. Cai Dabiao(???), chairman and founder of Kungfu, had escaped until April 22 when he was captured.

The Guangzhou Security Bureau confirmed that Mr. Cai Dabiao was involved in money embezzlement and duty encroachment. After approved by Guangzhou People’s Procuratorate, police detained 4 suspects including Mr. Cai.

The police did not give more details.

Kungfu Catering Management Co., Ltd.(???????????) was working in normal condition during the investigation.

Founded in 1994, Kungfu, a Chinese style fast-food chain often described as the Chinese version of Japan's Yoshinoya, had been a strong rival to global fast-food giants McDonalds and KFC. Kungfu currently possesses over 300 restaurants as the Chinese fast foods chain with most restaurants and biggest size. In 15 years, Kungfu has expanded from Dongguan to Guangzhou, Shenzhen, Shanghai, Hangzhou, Beijing, Shenyang and Wuhan, and has successfully expanded the regional development mode as the first Chinese fast foods enterprise with national wide chain development. So far, Kungfu has more than 10,000 staffs.

Recently, a series of articles posted on the microblog of the daughter of Mr. Cai Dabiao, has revealed an intense family power struggle within the company. Cai Huiting (???), daughter of Cai Dabiao, has claimed that her father had been arrested after being sued by her uncle, Pan Yuhai (???), vice president of Kungfu, in a fight between the two major shareholders in the company.

[Source of this article:HugChina]

Picture description:Mr. Cai Dabiao, chairman and founder of Kungfu Catering Management Co Ltd, a Chinese style fast food chain.

 

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