A Chinese tycoon, who was the youngest person on Forbes magazine's list of China's 400 richest people last year, was sentenced to life imprisonment on Friday after being found guilty of contractual fraud involving millions of US dollars.

 

Zhou Yiming, 32, forged financial reports in August 2002 to borrow 380 million yuan (US$48 million) from three banks. He then used the funds to acquire a 28-percent stake in Sichuan Mingxing Electric, a major supplier of water, electricity and gas to 3.8 million residents in Suining, in southwest China's Sichuan Province.

 

The Suining Intermediate People's Court held that Zhou began to siphon capital from the Sichuan company after he gained control, taking nearly US$69 million with the help of several accomplices.

 

The court sentenced him to life in prison and confiscated his property, and handed down prison sentences ranging from three to five years to five of his accomplices for their part in the contractual fraud.

 

Zhou plans to appeal.

 

(Xinhua News Agency December 1, 2006)