Today is one of those days where count our blessings that we are not rich and powerful and have never once (OK, once) been called a “tycoon.” If those words describe you (and you are Chinese and corrupt and/or friendly with the corrupt) then you may not be free to breath in Shanghai’s fresh sea air much longer. Just ask Zhou Zhengyi (also known as Chau Ching-ngai), who in 2002 was called China’s 11th richest man with a fortune estimated at US$320 million. He was released from prison in May after serving a three-year sentence for fraud and securities manipulation, then detained again in October and formerly arrested yesterday on charges of bribery and using phony tax receipts. Someone needs to update his Wikipedia page.
The Associated Press also tells us:
Zhou also has been the target of lawsuits by Shanghai residents who say he failed to compensate them adequately for homes that were demolished in a redevelopment project.
Sounds like a charmer. He’s also No. 5 on this list of the Top 50 Problematic Rich Chinese.
Zhou’s arrest came two days after Shanghai police detained 22 executives of major international companies in a huge bribery probe.
If any rich people are reading this, we know a great way to spend some of your money before you go to jail: buy an ad on Shanghaiist.