bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

helpersCheckIsPostiesArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

moreOnThisArticles

urlAlias

commentCount

sponsorType

authorLocations

authors

paywallTypes

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

socialHeadline

headline

flag

firstTopic

glossary

flattenTypeIds

publishedDate

additionalInfoBoxes

images

image

relatedLinks

relatedNewsletters

__typename

createdDate

sponsor

factSheets

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

copyrighted

customTimezone

liveContents

Eva Li

The niece of fugitive Chinese billionaire Guo Wengui and one of his employees at a real estate firm have been convicted and sentenced for fraud.
Guo’s real estate firm Henan Yuda Real Estate was also fined 150 million yuan (US$22 million), in a ruling by the Kaifeng Intermediate People’s Court released on Friday.
Guo Lijie, niece of Guo Wengui and deputy manager of the company, was handed a 1½-year sentence, suspended for two years. The company’s chief financial officer Zhang Xincheng was given a two-year jail sentence.
Xiao Yanling, deputy financial officer of the company, was exempted from criminal penalty. All three defendants accepted the judgment and said they would not appeal.
The three employees were instructed by Guo to fraudulently obtain loans worth nearly 1.5 billion yuan between 2008 and 2015 from banks in Henan province, the court found.

Some of the money was used to repay debts or it was transferred abroad or to another Guo family company, Beijing Pangu Investment, it said.
The court said their behaviour had “disrupted the order of the country’s financial management and imperilled its financial security” but they were given a lesser punishment because of their confession and repentance of their crimes.




Guo Wengui told niece and other executives to fraudulently obtain loans, court hears
More than 200 million yuan in loans had not been repaid until the fraud was uncovered by police, it said.
Guo Wengui founded and formerly owned the company but transferred it to his brother in 2004, previous court documents show.
However, the three executives said the exiled tycoon retained full control and they did not have much say at the company.
In court last month, Guo Lijie wept and said she deeply regretted her behaviour, adding: “I was blindly following instructions from Guo Wengui when I crossed the line”.
Staff of fugitive tycoon Guo Wengui jailed for fraud
Three employees of Beijing Pangu Investment were sentenced in June for fraudulently obtaining loans and buying foreign currency according to the tycoon’s instructions.
X-Men actress Fan Bingbing hits back at fugitive tycoon Guo Wengui with US lawsuit
Guo, who is living in the United States and wanted by Beijing, has made a series of corruption allegations via social media against top Chinese leaders and company officials but has yet to provide evidence to support those claims.

Apart from the cases concerning his company, Guo has been sued by China’s vice minister of housing and urban-rural development Huang Yan, actress Fan Bingbing, journalist Hu Shuli and SOHO China Chief Pan Shiyi following his allegations about a number of celebrities and officials.


Exiled Chinese businessman Guo Wengui found guilty of fraud in US trial

Chinese tycoon Guo Wengui stole US$1 billion to fund luxury lifestyle, court told

Chinese businessman Guo Wengui goes on trial in US over alleged US$1 billion fraud scheme

Chinese businessman Guo Wengui’s chief of staff pleads guilty weeks before US fraud trial

Guo Wengui

Fugitive Chinese tycoon’s niece and finance chief guilty of fraud

Xiao Yanling, Guo Lijie (centre), Guo Wengui’s niece, and Zhang Xincheng appeared before a court in Henan. Photo: Handout

(170517) -- CANNES (FRANCE), May 17, 2017 (Xinhua) -- Jury member for the 70th Cannes International Film Festival, Chinese actress Fan Bingbing poses on the red carpet at the opening of the 70th Cannes International Film Festival in Cannes, France, on May 17, 2017. The 70th Cannes International Film Festival is held from May 17 to May 28. (Xinhua/Xu Jinquan)

FILE PHOTO: Billionaire businessman Guo Wengui speaks during an interview in New York City, U.S., April 30, 2017. Picture taken April 30, 2017. REUTERS/Brendan McDermid/File Photo TPX IMAGES OF THE DAY

News

China

Money & Wealth

One jailed and one given suspended sentence for obtaining loans under false pretences while working for Guo Wengui’s real estate company
