Former tycoon's death sentence weighs heavily

By Zhao Yinan (China Daily)

08:27, February 08, 2012

- Wu Ying, a tycoon once listed among the richest women in China, has come to her last hope of survival. 

The former 31-year-old billionaire, now on death row, is waiting for the top court's final review of her capital sentence, which was upheld by a local court last month, a few days ahead of the Chinese New Year.

Shen said Wu concealed her debt to lenders and pretended to be financially powerful by "showing off jewelry and registering nominal companies".

According to China's criminal code, a person convicted of financial fraud is punishable by death if the money involved is "especially huge" and an "especially heavy loss" of the interests has been made to the state and the people.

Although some legal experts supported the judgment, wide sympathy and pleas for the fair-skinned woman with a short haircut have quickly ranked top on the country's most popular micro-blogging site.

Speculation swirled around both the suitability of the charge and whether capital punishment is too severe for a non-violent financial crime.

Zhang Sizhi, an 85-year-old barrister with national renown, wrote an open letter to the top court and pleaded for re-consideration when it exerted its right of review, for there are still “reasonable doubts”

. Shen Ziming, the presiding judge of the case from the High People's Court of East China's Zhejiang province, told China News Service that the court endorsed the previous judgment after finding the defendant illegally raised up to 770 million yuan ($122 million) from 11 lenders with the promise of high returns from 2005 to 2007, and hence should be "severely punished" for the apparent Ponzi-like scheme, as she has "brought huge losses to the nation and people with her serious crimes".

Shen said Wu concealed her debt to lenders and pretended to be financially powerful by "showing off jewelry and registering nominal companies".

Chen said the top legislature considered abolishing the death sentence for financial fraud, although it was later excluded from the final proposal submitted to vote by lawmakers.

The list of crimes carrying a possible death sentence has evolved along with the country's shift of government priorities, since the criminal code was introduced in 1979.

Many economic crimes, including the crime of financial fraud that Wu is facing, were included during the 1980s and 1990s, when the country's opening-up led to both an economic boom and increase in financial offenses.

Apart from doubts in the case itself, public outrage over Wu's death sentence also stems from sympathy for her legendary life and concerns that the punishment may eventually discourage grassroots entrepreneurship, especially when many small businesses in coastal China have been shut down or are suffering.

A farmer's daughter from a small city in Zhejiang a province known for booming household businesses, Wu started with a small beauty salon at the age of 22 in 2003.

Before being arrested four years later, she had become owner of at least seven companies with about 780 employees.Han Zhiguo, an economist, said even if Wu has illegally raised funds - which is still a disputable charge - it should be taken into consideration that many businessmen in China are compelled to do so since it is too difficult for private companies to borrow money from banks.

A survey polling about 2,800 companies in Zhejiang province last year showed 86 percent of respondents said banks had asked for additional conditions when they applied for a loan."

The boundary of private lending and fundraising has to be cleared, especially when private lending is indispensable and government support is still difficult to get," said Chen Jun, deputy president of Zhejiang Chamber of Commerce.

Xi to visit US, Ireland, Turkey

Updated: 2012-02-07 23:09(Xinhua) 
  
 BEIJING - Vice-President Xi Jinping is scheduled to pay official visits to the United States, Ireland and Turkey from February 13 to 22, a Foreign Ministry spokesman said Tuesday.

Xi is visiting the three nations at the invitation of US Vice-President Joe Biden, Irish Prime Minister Enda Kenny and Turkish President Abdullah Gul, spokesman Liu Weimin said at a news briefing.

Xi's US visit is aimed at further implementing an important consensus reached by state leaders of the two countries to establish a China-US cooperative partnership of mutual respect and reciprocity, Liu said.

He added that China hopes the visit will enhance the two sides' strategic mutual trust, expand bilateral cooperation, and aid in the maintenance of the sound and stable development of China-US ties.

According to the spokesman, Xi will visit Washington, Los Angeles and the state of Iowa.

"The two sides are busy coordinating and preparing a schedule for the visit. We hope to work with the US side to make the visit a success," Liu said.

"China and the United States are committed to the development of strong bilateral ties and maintaining communication with each other in terms of bilateral ties as well as international and regional issues of common concern," said the spokesman.

Liu said that Xi will hold talks with President Gul and meet with some other Turkish leaders and also attend a China-Turkey economic forum there.

China and Turkey have witnessed smooth development of their bilateral ties over the past years, which has yielded fruitful results and brought substantial benefits for the two peoples, said the spokesman.

"China is willing to work together with Turkey to lead the China-Turkey strategic partnership into a new phase," Liu said.

According to the spokesman, during Xi's visit to Ireland, he is scheduled to hold talks with Irish Prime Minister Enda Kenny and meet with other Irish leaders, including President Michael Higgins, Speaker Sean Barrett of Ireland's Dail Eireann, the lower house of the Irish Parliament, and Chairman Paddy Burke of Seanad Eireann, the upper house of the Parliament.

Xi will have an in-depth exchange of views with the Irish leaders on China-Ireland and China-Europe relations as well as other topics of common concern, Liu said.

"China and Ireland enjoy traditional friendship," Liu said, adding that the two nations have seen growing high-level interactions, cooperation in various areas and mutual understanding and friendship.

With the increasing challenges in the world, the development of the China-Ireland ties serve not only the two nations and the two peoples, but also the relationship between China and Europe as a whole.

"We hope that, through the visit, the two nations will deepen their friendship and enhance their pragmatic cooperation to step up bilateral ties and advance China-Europe ties in a sustainable way," said the spokesman.

Cold snap boon to lovers

 Published : Monday, February 13, 2012 18:42

Written by : Jing Villamente

Radical - Manila Temperature range - 14th February 2012 - 30C high - 26C low - thats cold ?

THE country will have the perfect Valentines Day weather today -- cold enough for couples to keep on snuggling.

The Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) said rain showers will continue because of large cloud formations that could usher in another low pressure area.

The weather bureau said it will be cold and wet through the country as rain-producing could were seen moving towards east of Mindanao and the northeast monsoon continues to affect Luzon.

Weather forecaster Aldczar Aurelio said that these “big clouds” over the Pacific Ocean could become a low pressure area in 24 to 48 hours.

Aurelio noted that PAGASA expects the weather disturbance to enter the Philippine territory today.

He said that most parts of the Visayas and Mindanao will be cloudy and will have rains in the next two days.

Luzon including Metro Manila, will also have light rains and cloudy skies because of the northeast monsoon.

“However, rains will continue to prevail in many parts of the Visayas and Mindanao because of the approaching weather disturbance,” Aurelio said.

He added that PAGASA cannot say yet if the approaching LPA will intensify into a storm.

The weather forecaster said that the LPA that entered the country on Friday and brought rains in many parts of Visayas and Mindanao has dissipated.