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Dec.1 - A Chinese tycoon1, who was the youngest person on Forbes magazine's list of China's 400 richest people last year, was sentenced to life imprisonment2 on Friday after being found guilty of contractual fraud involving millions of U.S. dollars.
Zhou Yiming, 32, forged financial reports in August 2002 to borrow 380 million yuan (48 million dollars) from three banks, which he then used to acquire a 28-percent stake in the Sichuan Mingxing Electric, a major supplier of water, electricity and gas to 3.8 million residents in Suining, southwest China's Sichuan Province. The Suining Intermediate People's Court held that Zhou began tosiphon capital from the Sichuan company after he gained control, acquiring nearly 69 million U.S. dollars with the help of several accomplices3. The court sentenced him to life in prison and confiscated4 his property, and handed down prison sentences ranging from three to five years to five of his accomplices, also for contractual fraud. Zhou plans to appeal.
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