Reply #12: China's Forbes-listed tycoon sentenced to life for fraud

[UpInArms]

http://news.yahoo.com/s/afp/20061201/bs_wl_afp/chinabusinesspeoplefraudwealthtrial

BEIJING (AFP) - A tycoon who was the youngest person on Forbes magazine's list of China's 400 richest people last year was sentenced to life in prison for fraud.

Zhou Yiming, 32, was convicted of forging financial reports in 2002 to borrow 380 million yuan (48 million dollars) from three banks, Xinhua news agency said.

He used the money to acquire a 28-percent stake in Sichuan Mingxing Electric company, it said.

A court in Chengdu city, the provincial capital of Sichuan province, ruled that Zhou began to siphon capital from the electric company after he gained control, acquiring nearly 69 million dollars with the help of accomplices.

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Other rich men listed by Forbes that are facing jail terms include Zhang Rongkun, number 16 on Forbes' 2005 list, who has been implicated in Shanghai's snowballing pension fund scandal.

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