2012-02-06

Executions and arrests in Wenzhou over black market loans

Head of schools empire held over illegal loan scam
Police in Wenzhou, Zhejiang province, have detained the head of a massive education empire on allegations he took illegal loans totalling around 2.2 billion yuan (HK$2.7 billion).

Dong Shunsheng, chairman of Wenzhou Liren Education Group, was taken into custody by police in Taishun county, southwest of Wenzhou, on Friday and the company's assets were frozen, Xinhua reported yesterday.
There are harsh penalties for involvement in the illegal loan business, including executions:
The Zhejiang High Court announced on Wednesday that it would not overturn the death sentence handed down to Wu in 2009, on charges of "illegal fund-raising" to the tune of 773 million yuan.

Wu, 29, had made her way from working in a beauty salon to founding the massive Bense Holding Group. Before her arrest in 2007, Wu was ranked as the mainland's sixth-richest woman, with an estimated personal wealth of 3.6 billion yuan.

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