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Tycoon jailed over Shanghai fund scandal
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21:59, April 07, 2008

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Zhang Rongkun, a key figure in the Shanghai social security fund scandal, was jailed 19 years and had 1.3 billion yuan (186 million U.S. dollars) in assets confiscated, a local court in the northeastern Jilin Province saidon Monday.

Zhang, 40, the Shanghai Fuxi Investment Holdings Co. chairman, was convicted of paying bribes, manipulating the stock market, fraudulently issuing bonds and crimes of flight of capital contribution, according to a Songyuan Municipal Intermediate People's Court ruling this morning.

Shanghai Fuxi Investment Holdings Co. was fined 50 million yuan. Shanghai Feidian Investment Development Ltd, another Zhang-owned company, was fined 230 million yuan, according to the ruling.

Zhang, ranked 16th on the Forbes China Rich List in 2005, was accused of bribing Zhu Junyi, ex-director of the Shanghai Municipal Bureau of Social Security, to get a 3.2 billion yuan of loans from the social security funds.

Zhang appealed to the court on Monday morning.

Zhu was jailed 18 years for taking bribes, embezzling public money and abusing power in September by the Changchun Municipal Intermediate People's Court in Jilin Province.

The social security fund scandal, involving 3.7 billion yuan, was exposed to the public in 2006. Shanghai courts began to hear cases against officials involved in the scandal in June 2007.

Former Shanghai Communist Party chief Chen Liangyu has been expelled from the Communist Party of China (CPC). The CPC Central Discipline Inspection Commission said he had been involved in corruption. He is awaiting a legal verdict.

Source: Xinhua

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