MCLC: Supreme Court overturns death sentence

[Denton, Kirk]

MCLC LIST
From: kirk (denton.2 at osu.edu)
Subject: Supreme Court overturns death sentence
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Source: NYT (4/20/12):
http://www.nytimes.com/2012/04/21/world/asia/chinas-supreme-court-overturns
-former-tycoons-death-sentence.html

China¹s Supreme Court Overturns Former Tycoon¹s Death Sentence
By THE ASSOCIATED PRESS

BEIJING (AP) -- China¹s supreme court on Friday overturned the death
sentence of an ex-tycoon who was convicted of illegally raising money for
her business in a case that prompted a public outcry.

The Supreme People¹s Court said it was sending 31-year-old Wu Ying back
for retrial in her home province of Zhejiang in China¹s southeast.

Wu was known for a rags-to-riches story in which she built up a
multimillion-dollar business. State media praised her as an example to
Chinese female entrepreneurs. But she later was convicted of illegally
raising 750 million yuan ($120 million) from investors in 2005-07.

Wu¹s penalty prompted an outcry on Internet bulletin boards by supporters
who said it was too severe in a system in which corrupt Communist Party
officials often escape punishment.

The case also prompted debate over the financial difficulties Chinese
entrepreneurs face in raising money in a country where the state-owned
banking system channels most lending to state companies.

The communist government has launched a pilot project in Wu¹s home city of
Wenzhou, known for its thriving private enterprises, aimed at making it
easier for entrepreneurs to get bank loans.

According to state media, Wu dropped out of school as teenager and began
her business empire with a hair salon.
Like many entrepreneurs, she raised money from private lenders outside the
government-controlled banking system.

Communist authorities have tolerated underground lending as a way to
support entrepreneurs who create jobs and tax revenue. But they began
cracking down in recent years, apparently concerned about the large scale
of borrowing and the possible involvement of state banks and companies.

Some news reports have said Wu was accused of cheating investors, but
details of her case have not been released.