A Beijing intermediate court] sentenced two brothers to life in prison on Tuesday after ruling that the brothers’ peer-to-peer lending company, Ezubao, was a Ponzi scheme. One of the brothers, Ding Ning, was founder of the company and chairman of the Anhui Yucheng Holdings Group. His crimes included illegal fundraising and “smuggling precious metals.” The Ponzi scheme collected the equivalent of over USD $9 billion from nearly one million investors, making it “close to one of the biggest Ponzi schemes in modern Chinese history.” Twenty-five others involved in scheme were also arrested for up to 15 years.
In January China’s President Xi Jinping declared ] that the nation’s battle against corruption “must go deeper,” stressing the need for the Communist Party to be governed “systematically, creatively and efficiently.” That month a former China Nation Petroleum general manager was sentenced to 15 years in prison for corruption. In December the Chinese government announcedreport] that it will prosecute Ma Jian, a former vice minister of China’s Ministry of State Security, on bribery charges. That same month, the Chinese government also arrested Iat Hong and Chin Hung of Macau, and Bo Zheng of China on cybersecurity allegations. In October 2015 a former chairman of CNPC was sentenced to 16 years in prison for corruption.
as carried in JURIST on 13.9.17