Chen’s Son Has Day In Court Over Fund Scandal

From Shanghai Daily:

The son of Shanghai’s former Party chief Chen Liangyu was jailed for three years in Tianjin yesterday, with four years’ probation, over his involvement in the infamous Shanghai pension-fund scandal.

The Tianjin No.2 Intermediate People’s Court found Chen Weili guilty of misusing the city’s pension fund, together with his father, via lending a media company 1 billion yuan (US$147 million).

After receiving the money, the Huawen Media Investment Corporation hired Chen Weili as general manager of one of its subsidiaries and paid him 1 million yuan a year.

Chen Weili was also found to have made illicit profits from the Shanghai Shenhua Group when he acted as its deputy general manager.

He was given a “VIP card” with 100,000 yuan installed after his father dined with Shenhua’s general manager, Yu Zhifei.

August 4, 2008 5:42 AM
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Categories: Law