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"Richest Man" on Mainland Gets Life Imprisonment
A Chinese businessman has been sentenced to life imprisonment for business fraud.
Mou Qizhong, once known as " the richest man" in China's mainland, was found guilty of signing false contracts to obtain letters of credit from a bank and causing losses of over 35 million US dollars.
As the former president of the Tianjin-based Nande Economic Group, he withdrew more than 75 million US dollars from the bank and used some of the money to repay his company debts.
In addition to the prison sentence, the court also fined Mou Qizhong five million yuan.
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