Thursday, October 30, 2014   




Black Friday looms for Chau in court

Alfred Liu

Wednesday, November 28, 2007

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Disgraced Shanghai property tycoon Chau Ching-ngai could face the death penalty or be sentenced to life imprisonment if he is convicted on charges of bribery, embezzlement and tax fraud.

The Shanghai No 2 Intermediate People's Court posted a notice yesterday saying it will hand down its verdict on Friday.

Chau, 46, also known as Zhou Zhengyi, has been on trial on three charges related to his Shanghai-based property company, Nongkai Development Group. The counts include offering bribes and forging value-added tax invoices.

Chau has also been charged with two other counts of bribery and embezzlement.

Mainland media reported earlier that the falsification of tax invoices amounted to billions of dollars. If convicted, Chau faces a possible death sentence or life imprisonment on those charges.

Chau's lawyer said his family will appear at the sentencing. He said Chau was in good health.

Chau, named China's 11th richest person in 2002 by Forbes , was arrested again in January this year following his release in May last year after serving three years in jail in Shanghai.

He was given credit for time already served for rigging stock prices and falsifying the registered capital of companies under Nongkai Development Group.

The Shanghai People's Court held a low-key trial for Chau last month on the embezzlement, bribery and tax fraud charges.

Chau is still wanted by the Independent Commission Against Corruption for allegedly manipulating the stock price of the then-Hong Kong-listed Shanghai Land Holdings, a Nongkai subsidiary.

In January last year, his wife, Sandy Mo Yuk-ping, was sentenced to 3 years in a Hong Kong prison for artificially boosting trading volume in Shanghai Land shares in an attempt to prop up their prices and defraud investors.


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