Wong Kwong Yu Was Sentenced To 14 Years' Imprisonment For Three Crimes And Fined 600 Million Yuan.

Crime of illegal business operation

Wong Kwong Yu was sentenced to three years' imprisonment for 14 years, fined 600 million yuan and confiscated property for 200 million yuan.

According to the facts identified by the court, Wong Kwong Yu violated the relevant provisions of the state from September 2007 to November and illegally exchanged over HK $8.22 million.

From April 2007 to September, Wong Kwong Yu, as the actual controller and director of Beijing Zhongguancun science and technology development (Holdings) Limited by Share Ltd, purchased the company's stock in the 85 stock account of the company's actual control of the company during the period of deciding on the assets reorganization and replacement of other companies. The turnover amounted to more than 14.15 billion yuan.

To the above assets reorganization and replacement information announcement day, the book income of the above share accounts is 3.09 billion yuan.

From 2006 to 2008, Wong Kwong Yu, who was the legal representative of Gome and Peng Fang company, made an unfair profit for the two companies, and directly or instructed others to give 456 yuan to the 5 national staff members such as Miss Zhu.

After the first instance decision, Wong Kwong Yu appealed.

In August 30th, the Beijing Higher People's court sentenced the Wong Kwong Yu case to the second instance and upheld the original judgment.

Comment:

The verdict of "Wong Kwong Yu case" has the meaning of wind vane: it shows China's determination to maintain market economic order and rule by law.

The story of the "Wong Kwong Yu case" is more typical: some private entrepreneurs, in order to obtain more resources and seek greater benefits, do not hesitate to take the lead in taking the risk by law, conduct illegal business and insider trading, and seek bribes to seek official sanctuary. These are embodied in Wong Kwong Yu.

In addition to giving warning to enterprises and their operators, the sentencing of the Wong Kwong Yu case also wakes up alarm for some officials.