(Yicai Global) Aug. 4 -- Baoneng Investment Group, a Chinese property and financial services conglomerate, said it is sparing no effort in paying overdue salaries to some employees after its chairman was assaulted by workers.

Most of the firm's units are on track with salary payments and the company is trying to solve the other delays, the Shenzhen-based company said in a statement yesterday. Baoneng has a solid foundation, the firm is improving its business and making breakthroughs in resolving its liquidity issues, it added.

Sales staff including a vice president of a car business unit confronted Yao outside the headquarters in Shenzhen a few days ago to ask the chief to pay overdue salaries, resulting in Yao falling and dropping his eyeglasses.

Yao has had other setbacks in the past few weeks as the chairman was denied entry to a factory of soy sauce producer Jonjee Hi-Tech, which used to be owned by Baoneng, in Zhongshan on July 19. Security staff said Yao had not made an appointment to visit the facility. 

Baoneng owed over CNY1.3 billion (USD181 million) in salaries to its employees, and almost half of that comes from its automobile business, Ce.Cn reported. As of July, Baoneng Motor had not paid its employees in 15 months, a senior executive told The Paper. Yao was jointly and severally liable for over CNY34.2 billion (USD4.8 billion) of debts as of last year, per statistics by The Paper.

Formed in 1992, Baoneng has a wide range of businesses including high-end manufacturing and international logistics. The conglomerate spent USD11.4 billion on acquiring a 63 percent stake in Chery Automobile-backed carmaker Qoros which has failed to achieve good sales.

Editor: Emmi Laine