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Chinese businesswoman life imprisonment

in International Business

Chinese businesswoman life imprisonment

Wu Ying, the once 6th richest woman in the world, had originally received a death sentence for financial fraud and illegal fund raising. She has now been given a two-year reprieve.

China’s supreme court’s decision of her death sentence was overturned in April and she has now been re-sentenced by her home province of Zhejiang.

Wu Ying was arrested in 2007 and found guilty of cheating private investors out of 380m yuan ($60m).

Private fund-raising is illegal but common in China, and Wu’s supporters had said that corrupt Communist Party officials often escaped punishment.

Wu technically still faces the death penalty, but the two-year reprieve means it will probably be commuted to a life term if she is deemed to have reformed.

Wu Ying was born to a farmer’s family. She dropped out of a local vocational school and joined her aunt’s beauty salon. Later, she opned her own beauty salon from which she made huge profits from selling sheep placenta extract, a popular anti-aging product in China.

She established the Bense Group in 2005, and in the following year registered 15 separate companies under the group with a total registered capital of 300 million yuan. Chinese media started speculation about her sudden wealth and fame.

In 2006, aged only 25, she was ranked as the 6th richest woman and the 68th richest person in China, with a net worth of 3.6 billion yuan ($567m).

She was then found guilty of illegal fundraising and financial fraud. Financial fraud is illegal in China, which is punishable by death.

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Chinese business woman death penaltyWu Ying

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