Wednesday, February 11, 2015

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According to multiple press reports, Chinese authorities have executed Liu Han, a former mining tycoon once worth more than $6 billion. He was the former chairman of Sichuan Hanlong Group, a mining conglomerate. The government prosecution led to the collapse of his ambitious business empire and brought attention to his links to a top target of China’s broad crackdown on corruption.

A billionaire who lived large, Mr. Liu had built an investment empire around his private Hanlong Group based in Sichuan province that included resources businesses that stretched beyond China to Australia and the U.S.

Authorities found him guilty of running a "mafia-style" gang responsible for multiple murders, assaults, gun-running, theft and embezzlement.

Liu, 49, was a fixture in the Chinese business press, calling attention to his diamond watches and fleet of Bentleys, Ferraris and Rolls-Royces,

Liu had business ties to the son of disgraced national security chief Zhou Yongkang, who was stripped of his Communist Party membership after being accused of bribery and "violating the party's political, organizational and confidentiality discipline." Zhou is the highest-ranking official so far to be targeted by President Xi Jinping's anti-corruption campaign.

The government has arrested dozens of wealthy Chinese businesspeople and officials as part of the campaign, and has started tracking the fortunes of the wealthy overseas. 

   Just a thought.

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