Billionaire in the dock
By Joyce Pan |
November 1, 2010, Monday
|
Print Edition
Print Edition
WANG Fusheng, a billionaire once on Hurun and Forbes rich list, has been charged with corruption, bribery and tax evasion in a Beijing court.
Wang, chairman of Beijing Fuhua Construction and Development Co, was alleged to have evaded paying nearly 200 million yuan (US$29.4 millioin) in corporate income tax, according to the Beijing News. He denied the charges.
Wang started his own business in 1990s after resigning from state-owned China Construction First Building (Group) Corp. He developed Fu Hua Mansion and Mei Hui Mansion in Beijing and turned his firm into a private investment group in China.
In the Mei Hui Mansion project, Wang was alleged to evade paying 25 million yuan in tax by faking bad loans and bribed senior officials from the Beijing branch of State Administration of Taxation to the tune of 500,000 yuan.
He was charged with tax evasion of more than 160 million yuan in the development of the Fu Hua project.
In 2002, Wang's company signed fictitious contracts with a Thai company to sell Fu Hua Mansion as an agent. Then he instigated others to fake 210 million yuan as bad loans and a 310 million yuan commission as costs on the balance sheet on grounds that the Thai company was bankrupt and unable to return the money.
Wang was ranked 351st on Hurun Rich List in 2007 with a wealth of 2.4 billion yuan.
Wang, chairman of Beijing Fuhua Construction and Development Co, was alleged to have evaded paying nearly 200 million yuan (US$29.4 millioin) in corporate income tax, according to the Beijing News. He denied the charges.
Wang started his own business in 1990s after resigning from state-owned China Construction First Building (Group) Corp. He developed Fu Hua Mansion and Mei Hui Mansion in Beijing and turned his firm into a private investment group in China.
In the Mei Hui Mansion project, Wang was alleged to evade paying 25 million yuan in tax by faking bad loans and bribed senior officials from the Beijing branch of State Administration of Taxation to the tune of 500,000 yuan.
He was charged with tax evasion of more than 160 million yuan in the development of the Fu Hua project.
In 2002, Wang's company signed fictitious contracts with a Thai company to sell Fu Hua Mansion as an agent. Then he instigated others to fake 210 million yuan as bad loans and a 310 million yuan commission as costs on the balance sheet on grounds that the Thai company was bankrupt and unable to return the money.
Wang was ranked 351st on Hurun Rich List in 2007 with a wealth of 2.4 billion yuan.
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