Lending firm executives lose appeal
Print Edition
A COURT in Beijing yesterday rejected appeals by executives of a Chinese online lender who were jailed for cheating the public out of large amounts of money.
In September, Beijing No. 1 Intermediate People’s Court ruled that Yucheng Global and Anhui Yucheng, operators of P2P (peer to peer) lender Ezubao, were guilty of fraudulent fundraising and smuggling precious metals, and imposed fines of 1.8 billion yuan (US$273 million) and 100 million yuan respectively.
The 26 company executives and staff, including Yucheng Chairman Ding Ning and his younger brother Ding Dian, were convicted of stealing public deposits, smuggling precious metals, illegal possession of guns and border-crossing. They were given jail terms ranging from three years to life. They were also deprived of their political rights and fined.
The two companies accepted the verdict, while 23 of the defendants appealed to a higher court, which has backed the original judgment.
Anhui Yucheng and Yucheng Global raised a huge amount of money by faking high-yield investment products on two online platforms, Ezubao and Sesame Financial, without a banking license, the court said.
The majority of the money was spent on luxury gifts and high salaries, the purchase of sales firms, and returning money to some investors. The court said the defendants had inflicted huge losses on investors in many parts of China and had disrupted the national financial management system.
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