Shanghai court upholds 16-year jail term for property tycoon Zhou Zhengyi
21/1/2008 17:02
Former Shanghai property tycoon Zhou Zhengyi was sentenced to 16 years in
jail today in a final ruling of the Shanghai Municipal Higher People's
Court.
The court also rejected the appeal of Zhou's company, the
Shanghai-based property firm Nongkai Development Group.
The ruling by the
lower court was based on reliable and sufficient evidences. The facts were
clear. The right laws were applied. The penalties were proper and the trial
process were legal, the Higher People's Court said in its ruling.
Zhou was
found guilty on five charges that included misappropriation of funds, bribery
and forging value-added tax (VAT) receipts by the Shanghai Municipal No. 2
Intermediate People's Court on November 30.
His company was fined 3.35
million yuan by the same court for being guilty of bribing government and
corporate staff and forging VAT invoices.
Zhou and his company appealed
against the verdict to the Higher People's Court in December.
The appeal
cited a lack of evidence and no basis in law for the charges of misappropriation
of funds, bribery and forging value-added tax (VAT) receipts.
It said that
neither Zhou nor his company had illegal earnings, and the lower court judges
failed to fully take into consideration his testimony against others involved in
criminal activities.
Zhou and his company were convicted of giving officials
at the Shanghai Futures Exchange and banks a total of 1.67 million yuan in
bribes in the November trial.
The court also found that he and his company
were guilty of forging 8,435 VAT receipts, involving 1.2 billion yuan in
taxes.
Zhou was also convicted of bribing a prison official with 200,000 yuan
for special treatment during an earlier prison term.
In addition, Zhou was
found guilty of embezzling 200 million yuan from another company.
Xinhua
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