Chinese tycoon loses appeal against life sentence

[BayCityProgressive]

perhaps we should start doing this here....

http://english.peopledaily.com.cn/200704/02/eng20070402_363130.html

The Higher People's Court of southwest China's Sichuan Province has upheld the life sentence given to Forbes-listed tycoon Zhou Yiming, who was found guilty of committing fraud involving millions of U.S. dollars.

The Sichuan provincial court upheld the judgement of the Intermediate People's Court in Suining which ordered Zhou jailed for life. The court also confiscated his property and deprived him of his political rights for life, sources told Xinhua on Monday.

Zhou, 33, forged financial records of his Shenzhen Minglun Group Ltd. in 2003 in order to borrow 380 million yuan from three banks, which he then used to acquire a 28-percent stake in the Sichuan Mingxing Electric.

The Suining court said Zhou began to siphon capital from the Sichuan company after he gained control, acquiring about 550 million yuan with the help of several accomplices.

[hobbit709]

1. I can think of several

business types that could use a life sentence. and I bet the Chinese don't have any country-club prisons either.

[BayCityProgressive]

4. about a year ago

they gave two millionare businessmen the death penalty for trying to subvert state owned byusiness and stealing people's pensions. Can you imagine someone like Donald Trump or Paris Hilton getting the death penalty here??

[provis99]

2. how come we don't do this?

why don't the russians do this either? Remember those "hard-working" crooks who overnight made billions of dollars from the sale of Soviet state assets? Lets throw more rich crooks in jail. Yippee!

[Richard Steele]

3. I like the way that court thinks. Sounds like "justice" to me! nm

[whoneedstickets]

5. This is a key to China's successfully development.....

...while other countries have languished in under-development. The government has generally come down hard on private-sector corruption. The state is still supreme over the wannabe-oligarchs. Putin has been trying to emulate this model in Russia but it is hard to implement post-hoc.