China trader CGTC suspends business, boss missing

Chongqing, China – Chongqing General Trading Chemical (CGTC), one of China’s largest rubber commodity traders, has suspended operation since September 27.
 
In a notice dated the same day, CGTC announced to suppliers and customers it was to “immediately suspended all external businesses” and “stop executing all contacts that have not been executed.”
 
The notice also urges them to immediately contact their banks for possible payment retraction. CGTC has run into liquidity problems according to reporting by Reuters on 9 Oct.
 
The company has been unable to reach its chairman Pang Qingjun and has reported it to the police, CGTC told ERJ. 
 
CGTC was set up in 2004 and has 140 employees today. It supplies to tire makers and has been working with a number of rubber companies in Thailand, Malaysia and Vietnam, such as Sri Trang and Vietnam Rubber Group.
 
CGTC has €9 million (70 million yuan) registered capital and €448 million total asset, said its website. In 2015 it sold over 1.1 million tonne rubber and generated €1.5 billion revenue,.
 
The company is a fully owned subsidiary of state-owned Chongqing General Trading Group, western China’s biggest trading and logistics conglomerate.