Chengdu (China): A Chinese tycoon, the youngest person on Forbes magazine's list of China's 400 richest people in 2005, was sentenced to life imprisonment on Friday after being found guilty of contractual fraud involving millions of dollars.
Zhou Yiming, 32, forged financial reports in August 2002 to borrow 380 million yuan ($48 million) from three banks. He used the amount to acquire a 28 per cent stake in the Sichuan Mingxing Electric, a major supplier of water, electricity and gas to 3.8 million residents in Suining in southwest Sichuan province.
The Suining Intermediate People's Court held that Zhou began to siphon capital from the Sichuan company after he gained control, acquiring nearly $69 million with the help of several accomplices.
The court sentenced him to life imprisonment and confiscated his property. Five of his accomplices were handed down sentences ranging from three to five years in prison. Zhou plans to appeal against the sentence.
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