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Death-row convict's assets sold to pay her debts
By Li Qian |
February 9, 2012, Thursday
|
Online Edition
Online Edition
ZHEJIANG Province authorities have confiscated more than 100 houses and 41 luxury cars owned by a woman who was sentenced to death for organizing a huge pyramid scheme. Her assets will be sold to pay debts.
Police in Dongyang City said Wu Ying, once the sixth richest woman in China, also owned jewelry, mostly of jade, worth more than 100 million yuan (US$15.89 million) and a hotel before her arrest in 2007.
Most of her properties have been used to pay her debts and 30 of her cars have been auctioned, fetching 3.9 million yuan. Her hotel was sold for 4.5 million yuan, the China News Service reported today.
The remaining 11 cars, including a 3.75-million-yuan Ferrari, are still not sold, police said.
Seven years ago, Wu Ying, then 24 with secondary education, used the pyramid scheme to raise 770 million yuan from 19 investors until she was arrested in 2007.
The Zhejiang Province Higher People's Court has rejected her appeal against the death sentence, saying the verdict made by the Jinhua City Intermediate People's Court in December 2009 was based on real evidence.
Police in Dongyang City said Wu Ying, once the sixth richest woman in China, also owned jewelry, mostly of jade, worth more than 100 million yuan (US$15.89 million) and a hotel before her arrest in 2007.
Most of her properties have been used to pay her debts and 30 of her cars have been auctioned, fetching 3.9 million yuan. Her hotel was sold for 4.5 million yuan, the China News Service reported today.
The remaining 11 cars, including a 3.75-million-yuan Ferrari, are still not sold, police said.
Seven years ago, Wu Ying, then 24 with secondary education, used the pyramid scheme to raise 770 million yuan from 19 investors until she was arrested in 2007.
The Zhejiang Province Higher People's Court has rejected her appeal against the death sentence, saying the verdict made by the Jinhua City Intermediate People's Court in December 2009 was based on real evidence.
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