Chinese retail tycoon’s fraud conviction thrown out
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China’s supreme court has thrown out the fraud conviction of a retail tycoon in an unusual gesture of official leniency toward entrepreneurs amid a string of high-profile detentions and prosecutions that has rattled the Chinese business world.
The Supreme People’s Court ruling Thursday reversed the conviction of Zhang Wenzhong, former chairman of Wumart Stores, who served 12 years in prison on charges of improperly obtaining technology development subsidies.
A number of Chinese businesspeople have been prosecuted or detained for questioning about possible offenses including embezzlement and bribery.
On Wednesday, a lawyer for the imprisoned founder of the insurance company that owns New York City’s Waldorf Hotel said he planned to appeal his 18-year sentence imposed this month on fraud charges.
Questions & Answers
Q.What charges was Zhang Wenzhong originally convicted of?
What charges was Zhang Wenzhong originally convicted of?
Zhang Wenzhong, former chairman of Wumart Stores, was convicted of improperly obtaining technology development subsidies. He served 12 years in prison before his conviction was overturned.
Q.What broader trend does this ruling indicate for Chinese entrepreneurs?
What broader trend does this ruling indicate for Chinese entrepreneurs?
This ruling represents an unusual gesture of official leniency towards entrepreneurs. It comes amidst a period where many other Chinese businesspeople have faced detentions and prosecutions for various alleged offenses.
Q.What is happening with the founder of the insurance company that owns the Waldorf Hotel?
What is happening with the founder of the insurance company that owns the Waldorf Hotel?
The founder of the insurance company that owns New York City’s Waldorf Hotel recently received an 18-year sentence on fraud charges. His lawyer plans to appeal this sentence.
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