Shanghai prosecutors have charged former property tycoon Zhou Zhengyi with misappropriation of funds, bribery and forging value-added tax receipts, said a government source.
Results tagged “zhouzhengyi”
For more del.icio.us links, visit the Shanghaiist Contribute page, which is updated throughout the day.
Photo by spiky247 found via the Shanghaiist Contribute page.
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.
From AsiaNews' report we discovered that all the fun stuff happens in Shanghai while we are on vacation:
Shanghai (AsiaNews/Agencies) – Shanghai residents have seized the opportunity to take to the streets to protest against corruption after the sacking of some of the city's top Communist Party bosses. Chen Liangyu, Shanghai’s party secretary, and other officials have lost their job on charges of corruption and this has inspired city residents to air unresolved grievancesContinue reading "Demonstrations in Shanghai; corruption probe deepens"
Shanghaiist is no law expert, but we just learned that there are no extradition agreements between China and Hong Kong. Back in 2003, the property tycoon (and then richest man in Shanghai at $320 million USD) Zhou Zhengyi was arrested in Shanghai for falsely reporting the holdings of his company as well as manipulating stock prices, and got slammed with a three year sentence. Here's basically what happened:
