The chairman of a Chinese business management company is funder investigation after disappearing for ten days. He is also accused of taking 1 billion yuan ($153 million) of investors' money.

Yang Weiguo, chairman of Wangzhou Fortune, denied the accusations in a video and letters he sent to journalists on Monday saying he had gone for a personal trip and informed only two company employees on his whereabouts.

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Wangzhou Fortune executives reported the Yang's disappearance to the police last week and accused him of stealing investors' money.

Authorities started investigation of the case after Wangzhou made a police report.

Gone missing

The firm issued a statement last Thursday saying that Yang had gone missing and took 1 billion yuan after several days of investigations.

After Yang resurfaced, Wangzhou made a public apology saying the incident "happened suddenly" and "unexpectedly."

Yang said he only learned the accusations last Sunday as he was getting ready to go home.

Stunned and furious

The chairman said he was "stunned and furious" over his company's accusations that he immediately sent a video and letters to journalists and news outlets.

"Hi, everyone. It's me. Don't worry. I'm coming back soon," Yang said in the video he posted.

"The company which I painstakingly managed has in the last few days become unrecognisable, slandering me as 'taking 1 billion and fleeing'! All the investments have accounts that can be checked, what is this based on?!" he wrote in his letters.

Reports said Wangzhou Fortune had experienced money problems recently. According to media reports, Yang's company has about 2.2 billion yuan of investors' money.

Yang said he will be rushing to the nearest police headquarters in Urumqi to cooperate with the authorities and clear his name.

Wangzhou Group

Yang also heads the company's parent firm, Wangzhou Group, which manages 200 subsidiaries in technology, food and beverage, health, and cars, among others.

The chairman said he failed to notify his company of his travel plans but informed two employees where he was going.

He said he needed the ten-day holiday to relax and come up with solutions to the problems his company was facing.

He said he drove off to the northwestern province of Xinjiang where he vacationed.

TagsChairman Yang Weiguo, Wangzhou Fortune, police investigation, Xinjiang