Female billionaire appeals against conviction

By Yang Xi
0 CommentsPrint E-mail China.org.cn, December 29, 2009
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Wu Ying, who was sentenced to death on December 18 for cheating investors out of 384 million yuan (US$56 million), appealed her conviction Monday. Wu was also deprived of political rights for life by the Intermediate People's Court in Jinhua, Zhejiang Province.

Wu argued that she used most of the funds, which she raised over two years, for running her companies and were not wasted expenditures. Because the loaners were not individuals, her collection should not be considered fund-raising. It is still not easy for private companies in China's coastal areas to get finance.

Wu's lawyer had tried to persuade her to appeal on December 25. Her appeal will be submitted to Zhejiang Province Higher People's Court. Investors had hoped that investigations into where the money had gone would be carried out.

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