Tycoon given 18 years in jail
( 2003-07-15 09:03) (China Daily)
Once China's second richest man, tycoon Yang Bin has been sentenced to 18
years in prison and fined 2.3 million yuan (US$277,100) after being convicted of
fraud.
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Chinese-born Dutch flower magnate Yang Bin
talks to journalists on the steps of his Euro-Asia Group offices in the
northeastern Chinese city of Shenyang in this October 3, 2002 file
photo.
| The Chinese-Dutch businessman's ruling was handed down
yesterday by the Intermediate People's Court in Shenyang, the capital of
Northeast China's Liaoning Province.
The charges listed by the court verdict relating to his property and
horticulture business included the forging of documents, fraudulent contracts,
bribery and the illegal use of land.
The 40-year-old Dutch national, listed as China's second richest man by
Forbes magazine in 2001, was detained in November. He was placed under house
arrest in October for the illegal use of arable land, contract fraud and
bribery.
Yang's Shenyang Eurasia Industrial Co Ltd was yesterday fined 5.6 million
yuan (US$674,700). His Shenyang Eurasia Agricultural Development Co Ltd was also
fined 400,000 yuan (US$48,200) for forging financial documents.
Yang moved to the Netherlands in 1987. He ran a Dutch textile firm before
returning to China with US$20 million seven years later to start his flower
business.
Yang was known for his lavish lifestyle, fast cars and private plane.
Official media outlets say authorities began investigating Yang after
ordering him to pay back taxes.
He said he had agreed to pay US$1.2 million taxes.
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