China's Sanlu Group Faces Bankruptcy

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ZHANG: Sanlu Group, the first reported source of the tainted milk powder scandal in China, may soon be facing bankruptcy. It's having to recall millions of dollars worth of products and issue refunds. It may also be liable to pay hospital bills for Chinese children suffering from kidney stones. A source quoted by Hong Kongs Ta Kong Po online paper says that Sanlu Group's line of credit maxed out, and that local banks are refusing to loan them more money. Bankruptcy would lead Sanlu Group to lay off about 350,000 employees nationwide.

Category: News
Uploaded: October 4th, 2008 @ 9:38 am
Author: NTDTV

Length: 00:33
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Tags: bankruptcy china group milk news ntd ntdtv powder sanlu scandal tainted

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