After a year and seven months of investigation, former vice mayor of Yinchuan City, Guo Baochun, has been arrested by the authorities for alleged embezzlement of public funds and abuse of power. Previously, he was apprehended by the authorities after fleeing overseas and returning to the country from Laos. Currently, Guo Baochun serves as the Chairman of Asia Potash International Investment (Guangzhou) Co., Ltd.
According to a report by the Justice Net under the Supreme People’s Procuratorate of the Chinese Communist Party on August 19, the investigation into the case of Guo Baochun, former member of the party committee and vice mayor of Yinchuan City, Ningxia Hui Autonomous Region (deputy department level), for alleged embezzlement of public funds and abuse of power has concluded, and the case has been transferred to the procuratorial organs for prosecution. Recently, the Yinchuan City Procuratorate made the decision to arrest Guo Baochun on charges of embezzlement of public funds and abuse of power.
On the evening of August 19, Asia Potash International announced that Chairman Guo Baochun had been arrested by the Yinchuan City Procuratorate on charges of embezzlement of public funds and abuse of power. The company’s production and operation are currently normal, with no changes in control, and day-to-day management is overseen by the management team.
On March 29, 2024, the Central Commission for Discipline Inspection and the National Supervisory Commission of the Chinese Communist Party reported on their website that Guo Baochun was arrested overseas and repatriated to China. The report also revealed that Guo Baochun had been under investigation since January of that year.
On March 30 of the same year, Asia Potash International issued a notice stating that on March 29, they received a notice of detention from the Ningxia Supervision Commission. During his tenure as vice mayor of Yinchuan, Guo Baochun was suspected of committing crimes of dereliction of duty and is currently under investigation and detention. On April 1, Asia Potash International further responded to the Shenzhen Stock Exchange’s inquiry letter, stating that Guo Baochun was taken away by relevant department personnel in Laos on the night of March 22.
The WeChat public account of “Asia Potash International” previously reported that on January 13, 2024, a swearing-in ceremony was held at the No. 2 main shaft entrance of the production base in Laos. Chairman Guo Baochun delivered a mobilization speech at that time. On January 14, Guo Baochun conducted a work survey at the small Dongbu mining area of the production base in Laos.
It is worth noting that in April 2024, Ma Yingjun, the then General Manager of Asia Potash International, was also under investigation and detention by the Ningxia Hui Autonomous Region Supervision Commission for suspected serious violations of duty. Ma Yingjun was a former subordinate of Guo Baochun during his tenure in Yinchuan.
Public information shows that Guo Baochun was born in October 1965, graduated from Renmin University of China with a Doctor of Economics degree. He has worked at various positions including Gu Lianhe Coal Mine in Heilongjiang Province, China Agricultural Bank Heilongjiang Trust Investment Company, China Agricultural Bank Heilongjiang Branch, People’s Bank of China Guangzhou Branch, Mudanjiang Municipal Government, and China Aviation Investment Holding Co., Ltd.
In June 2013, Guo Baochun served as the vice mayor of Yinchuan City and was dismissed from office in October 2018.
According to Red Star News, after leaving the government, Guo Baochun ventured into the business world and held positions such as Chairman of Beijing Tianxiang Xingyun Private Equity Fund Management Co., Ltd., and Chairman of Asia Potash International Investment (Guangzhou) Co., Ltd.
In 2021, the International Financial News reported that Guo Baochun became Chairman of Asia Potash International during the board’s transition in January 2020. The report also mentioned that Guo Baochun had served as the vice mayor of Yinchuan City, overseeing finance. He also held positions as Vice Chairman of Beijing Nanfu Investment Management Co., Ltd., and Deputy General Manager of Dalian Tianshen Entertainment Co., Ltd.