Chinese tycoon and Xi Jinping critic jailed for 18 years for corruption & bribery - watsupptoday.com
Chinese tycoon and Xi Jinping critic jailed for 18 years for corruption & bribery
Posted 22 Sep 2020 12:02 PM

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Agencies:

Chinese tycoon and Xi Jinping critic jailed for 18 years for corruption & bribery

Beijing
September 22, 2020

Beijing: China sentenced an influential former property executive who once referred to President Xi Jinping as a "clown" to 18 years in prison for graft, a court said on Tuesday.

Ren Zhiqiang, the former chairman of Huayuan, a state owned real estate group was also fined 4.2 million yuan, Beijing No. 2 Intermediate Court said.

The court found Ren guilty of embezzling and misappropriating a total of 111 million yuan and taking and receiving 1.25 million yuan of bribery, according to a notice on the judgment made on Tuesday.

Ren also abused his position which led to state owned companies suffering a loss of 117 million yuan while he profited 19.41 million yuan, the notice said.

Ren had paid back all monies unlawfully gained, "voluntarily confessed to all charges", accepted the sentence and will not appeal, the notice said.

Ren was detained in March after referring to Xi as a clown over a speech he made in February about Government efforts to battle the Coronavirus.


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