Former Chinese Formula One track chief stands trial on graft charges
18/9/2007 16:31
Yu Zhifei, former chief of the Shanghai International Circuit, stood trial
yesterday on accusations of embezzling 1.05 million yuan (around US$138,700),
court sources said today. The case was heard at the Intermediate People's
Court in Wuhu, a city in east China's Anhui Province. The court did not
announce a verdict yesterday. Yu, 54, former general manager of the Shanghai
circuit that hosts Formula One and Moto Grand Prix races and board chairman of
Shanghai Shenhua Football Club, has been under investigation since last October
on suspicion of misappropriating company funds to pay off personal debts and buy
a house. Investigators said Yu had embezzled 800,000 yuan from the Shanghai
Shenhua Football Club in 1997 to pay off his personal debts, owed to a Shanghai
developer for a 2.43-million yuan house. On the company's account book, the
amount was allegedly spent on "consultation service fees". He appropriated
another 250,000 yuan in 1999 for the same purpose, but claimed the money was
spent on "public welfare advertisements" during that year's Shanghai
chrysanthemum show. Yu was detained in January this year and his arrest was
approved by the Anhui Provincial People's Procuratorate in February. He was
expelled from the Communist Party of China in May. Yu is well-known for
bringing Manchester United to Shanghai in 1999. He was also a major force in
bringing the elite motor racing sport to China, which held its first F1 race in
2004.
Xinhua
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