Dong Hui/Shanghai Daily news

A Shanghai businessman was arrested for stealing over 100 million yuan (US$14.6 million) from state-owned steel enterprises, the Shanghai No.2 Intermediate Prosecutors' Office said yesterday, Shanghai Daily reported.

Zhao Yafeng, 41, had been running three steel businesses registered in his own name, and that of his wife and cousin, since 2001. When losses left the companies in financial peril in 2007, he attempted to raise money on the futures market, the prosecutors' office said