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China's Business Idea Magnate Gets Imprisonment
He Yang, known nationwide for turning an abundance of business ideas into commercial practice, was found guilty of fraud and sentenced to 12 years in prison Wednesday in Yinchuan, capital of northwest China's Ningxia Hui Autonomous Region.
The ruling was handed down after a trial by the Chengqu People's Court in Yinchuan City. In the ruling, He was also given a fine of 50,000 yuan (about US$6,024).
Court investigations show that in July 1996, He cheated one million yuan (about US$120,482) out of Xia Honggang, general manager of a local industrial and trading company in Ningxia, by saying that he could find a celebrity to advertise beverages of Xia's company, and the advertisements could be shown on the China Central TV Station at half price.
He spent all the money on personal purchases and expenses, including the purchase and decoration of an apartment flat, and the purchase of a luxury "Red Flag" sedan car instead of spending the money on affairs related to advertising, according to the court verdict.
With the help of public security organizations, Xia retrieved all the money he gave to He, including 600,000 yuan (about US$72,289) in cash and two sedan cars valued at 400,000 yuan (about US$48,192).
He Yang, aged 45 and a native of Benxi, in northeast China's Liaoning Province, is a graduate of macromolecular major from the Beijing Chemical Industry College. He set up a civilian goods technology research institute and a consulting company in Beijing in the 1980s, both of which were named after him.
In He's heyday, he was even invited to be a professor at many colleges of higher learning, and to be the anchorman for the China National Quality Inspection Campaign. He also wrote books including "Ideas of He Yang".
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