Tycoon’s death penalty reduced to 25 years

Beijing: Wu Ying, a former business tycoon, had her suspended death sentence reduced to 25 years in prison at a local court in Zhejiang province.

Wu, 37, previously the owner of Zhejiang-based Bense Holding Group and once one of China’s richest women, was sentenced to death in 2009 for illegal fundraising.

Her case triggered huge public attention as there was divided opinion on whether she deserved death for the crime.

Wu, 37, was found guilty of illegally raising 770mil yuan (RM477mil) from 11 investors between 2003 and 2005 and cheating them out of 380mil yuan (RM235mil) by offering high returns while she spent the money on a lavish lifestyle, according to earlier court verdicts. — China Daily/Asia News Network