Archive for July 12th, 2014

2013: Zeng Chengjie, China’s Bernie Madoff

1 comment July 12th, 2014 Headsman

A year ago today, China executed self-made millionaire Zeng Chengjie for corruption.

Once the subject of glowing media profiles (Chinese link) for his entrepreneurship, Zeng was convicted of bilking 57,000-plus investors out of RMB 2.8 billion (US $460 million) which he in turn used to lock up lucrative urban development projects in Jishou.

The case stirred an uproar in China and overseas because Zeng’s daughter vigorously protested the execution on her Weibo page.

Zeng Shen said she was notified of her father’s execution only two days after it took place. The official story would be that Zeng never requested the family meeting; that story was met with incredulity. (And widespread speculation that Zeng’s organs were harvested for medical transplantation.)

“If one day, I’m sentenced to death and told that I have the right to meet my family, I guarantee that I will absolutely ask to see my family,” wrote IT venture capitalist Kai-Fu Lee on one of the country’s most-followed microblogging accounts. “If the court claims that I didn’t make such request after the execution, it must be a lie.”

Moreover, Zeng Shen charged that the whole affair was a political fix-up orchestrated by the successors of Hunan province officials that Zeng pere worked with — and that as a result the executed man’s assets had been snapped up for yuan on the renminbi.

China has made a point in recent years of dialing back capital punishment for white-collar “economic” crimes; most similar cases of fraud or theft result at worst in suspended death sentences, which are de facto prison terms.

On this day..

Entry Filed under: 21st Century,Businessmen,Capital Punishment,China,Crime,Death Penalty,Execution,History,Lethal Injection,Pelf,Ripped from the Headlines,Theft

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