Cheat鈥檚 death sentence upheld
Print Edition
A COURT in Inner Mongolia yesterday upheld the death sentence for a businesswoman convicted of cheating investors out of US$200 million, in the second case of its kind this year.
Su Yenu’s appeal against her January conviction was rejected by the High People’s Court of the northern region of Inner Mongolia, according to the Supreme People’s Court’s website.
Su, 42, was convicted of cheating investors of 1.2 billion yuan (US$200 million) after promising high returns, Xinhua news agency reported. She took 552 million yuan for her own use.
Su began raising money in 2006 and invested in restaurants, health clubs, coal mines and farms in Erdos, a city in China’s northern grasslands that is a center for coal mining and natural gas drilling, according to Xinhua. Her investments also included lottery tickets worth 20 million yuan.
“The amount of the fraud was extraordinarily large and caused significant damage to both the country and the people,” the court said. “In such cases, the death penalty is mandatory.”
Ren Wenxiang, who was involved in Su’s schemes, was jailed for five years for fraud and fined 500,000 yuan, reported Xinhua.
Similar cases have highlighted abuses in largely unregulated informal lending that supports entrepreneurs who often cannot get loans from the state-owned banking industry.
The government has been cracking down after a wave of defaults in the wake of the 2008 global crisis.
In May, a businesswoman in southeastern China was sentenced to death for stealing 640 million yuan from investors.
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