Latest News:  
Beijing   Cloudy/Overcast    2 / -4   City Forecast

People's Daily Online>>China Society

11 sentenced to prison after billionaire burns himself to death in N China

(Xinhua)

15:05, January 17, 2012

HOHHOT, Jan. 17 (Xinhua) -- A Chinese court Tuesday sentenced 11 people to prison for illegal financing, eight months after their billionaire boss burnt himself to death in Inner Mongolia autonomous region.

Altogether 11 people, all employees of the Baotou Huilong Trading Co., Ltd., were given sentences from one to seven years for illegal financing of up to 2.22 billion yuan (353 million U.S. dollars), according to a statement released by the People's Court in Jiuyuan District of Baotou city, where the company was based.

In addition to the 11, another employee was found guilty but was not sentenced to prison as she helped pay back investors.

For the same reason, Liu Mei'e, who was among the 11 and sentenced to three years in jail, was given a three-year reprieve.

Jin Libin, born in 1967, late chairman of the company, lit himself on fire in a car on April 13. Subsequent investigations showed the company was 943 million yuan in debt when Jin killed himself.

Police later found that Jin's company had raised 2.22 billion yuan from the public and took 217 million yuan in bank loans from June 2004 to April 2011.

The company initially could make ends meet, but later, in order to polish its image and go public, it borrowed continuously and thus became shackled with huge interest repayments.

At Tuesday's trial, the company was fined 500,000 yuan. Most defendants also received fines ranging from 80,000 to 20,000 yuan.

After the trial, some of the sentenced said they would file an appeal.

Email|Print|Comments(Editor:燕勐)

Leave your comment1 comments

  1. Name

Rye at 2012-01-1771.104.1.*
Too ambitious and greed. Gutsy move to end the problems.
  

Selections for you


  1. Diego Maradona attends charity activity in Shanghai

  2. Village on the way from Shandong to Northeast

  3. Service stations set up for migrant workers riding home

  4. Italian Navy divers speed the search for survivors on cruise liner

Most Popular

Opinions

  1. Actions speak louder than words
  2. New driving force for East Asian cooperation
  3. In love with luxury amid global gloom
  4. China should take fight to US over Iran
  5. How will HK go through economic difficulties in 2012
  6. US dollar is just a dirty shirt
  7. Factors affecting world economy in 2012
  8. Why Russia's aircraft carrier visits Syrian port
  9. Central grain reserves turn into 'market stabilizer'
  10. A priority for Asia-Pacific shift

What's happening in China

Chinese shares rally 4.18 pct on better-than-expected GDP data

  1. Local pensions to be invested in stocks
  2. Plastic surgery drawing more Chinese to S. Korea
  3. Porsche owner's prank stirs public anger
  4. Railway police flex muscles against theft, fraud
  5. Social problems biggest challenge for Guangdong

PD Online Data

  1. Yangge in Shaanxi
  2. Gaoqiao in Northern China
  3. The drum dance in Ansai
  4. Shehuo in Baoji City
  5. The dragon dance