Top 10 runaway Chinese tycoons

14:59, August 04, 2010      

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The 2010 Forbes world’s richest people list was release in the last few days. According to this list we easily see Chinese tycoons ranked second only to the United States. Presently, the number of wealthy people has increased in China. However, some made their fortunes through theft, fraud and corruption and fled the country to escape punishment. Here are their stories:

Lai Changxin

Lai Changxing

Amount of money: 25 billion.

He earned his fortune smuggling. He was also involved in the oil industry, real estate and sports entertainment industry of Xiamen. To escape legal punishment, Lai fled to Canada in 1999 and he submitted his immigration application twice to the Department of Immigration of Canada but was rejected.

How did he make his fortune in Xiamen? It depended on the Lai’s networking techniques, which can be summarized thusly:

The first trick was borrowing money with high interest rates. Lai Changxing was said to be very good at making friends with the people who had contacted with him. He had borrowed 50,000 Yuan from a lower official who had potential but paid back the money at a high interest rate of 20 percent. Through this loan, he politely put money into the hands of the official while remaining within the law.

Lai’s trick was very useful, and became an important way to open channels for smuggling.

The second trick is inviting high-level officials with money. As a smuggling profiteer, Lai Changxing frequently invited high officials to Xiamen and paying for their executives, and then he hung his large joint photos with the high leader in his office and guest house in order to win over the provincial senior officials. In 1996, at the foundation ceremony of a building of his Yuanhua Cooperation, Lai Changxing held a banquet of 2,000 guests, which included many senior officials. At the feast, each guest had been given a gift worth 3,000 yuan. On Lai’s birthday, he invited 200 key guests, each of them was given a red envelope containing more than 100,000 yuan.

The third trick is recruiting relatives and paying them high salaries. In order to fully open the smuggling channels, Lai Changxing recruited the children and relatives of the city leaders and the key persons in the customs, public security, commodity inspection, border control, banks and so on into his company, and awarded them with salaries of one million or even a few million yuan. These employees essentially did nothing but identifying prey in the key sectors, training objectives, searching Guanxi and going through a "gateway."

The fourth trick is taking sexual videos in the Red Mansion. Similarly, in order to fully open the smuggling channels, Lai also established a special “underground palace” known as the Guesthouse of the Red Mansion in the remote Huli industrial zone for corrupting officials with beauties and money. When the official bathing together or having sex with the beauty, Lai 's men secretly recorded the scenes with a pinhole camera and kept them for blackmailing the official in the future.
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