China's major dairy maker Inner Mongolia Yili Industrial Co. said Tuesday that five of its senior executives had been arrested on suspicion of embezzlement.

Yili said in an announcement that it received a notice Friday from the police, which notified the company of the arrests. The five arrested include Yili chairman Zheng Junhuai, vice chairman Yang Guiqin, board director Guo Shunxi, finance chief and board secretary Zhang Xianzhu and its securities representative Li Yongping.

Yili's share price started tumbling in late December when the company confirmed that its senior executives had been detained, following local media reports that the executives were being investigated for alleged economic crimes.

On Friday, the last session of 2004, Yili's shares closed at 9.16 yuan, down 16 percent from their closing level Dec. 17, the last session before it confirmed the detentions. Its shares closed down 2.07 percent at 8.97 yuan Tuesday.

Source: Shenzhen Daily-Agencies