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Global Times

Former property tycoon Ren Zhiqiang sentenced to 18 years for corruption, bribery, abuse of power

Global Times

Source: Global Times Published: 2020/9/22 12:34:40

Former property mogul Ren Zhiqiang was sentenced to 18 years and fined 4.2 million yuan ($620,000) for corruption, bribery, embezzlement of public funds, and abuse of power as state-owned company personnel, a Beijing court announced Tuesday.

According to a statement published by the Beijing No.2 Intermediate People's Court, between 2003 and 2017, Ren took advantage of his position to embezzle more than 110 million yuan in public funds, received more than 1.25 million yuan in bribes, abused his power and caused particularly heavy losses of more than 100 million yuan to a state-owned holding company.

Ren accepted the decision and decided not to appeal.

Ren, the former deputy Party secretary and chairman of Beijing HuaYuan Group, seriously violated the Party's political and organizational integrity, work and life discipline, constituting a duty-related violation of the law. He was accused of corruption, bribe taking and misappropriation of public funds, according to an announcement on the website of Beijing Xicheng district discipline inspection and supervision committee on July 24.

The committee expelled Ren from the Party, confiscated his illegal gains and transferred his case to the procuratorial organs for review and prosecution in accordance with the law.

Ren was found to have failed to keep in line with the Party Central Committee on major issues of principle and published articles in violation of the four cardinal principles, defaming the Party and the country, as well as distorting the Party and military history.

His violation of the Party's principles and policies include using public funds for recreational activities and for the purchase of golf membership cards. He also made false statements during interviews, read the announcement.

Ren regarded public power as a tool for personal gain, utilizing public funds to illegally reimburse expenses that should have been paid by individuals, using office space and housing provided by business associates free of charge for a long period of time, and reaping huge profits through affiliated firms from their involvement in illegal profit-making activities, the announcement said, adding that his family traditions were corrupted as he colluded with his children to accumulate wealth by unfair means.

Born in March, 1951, Ren, from Yexian county in East China's Shandong Province, joined the army in December, 1969 and served in the military until October, 1981, according to his resume. He joined the Communist Party of China in April, 1974.

In 2016, the Xicheng District Committee of the Communist Party of China in Beijing deemed that Ren had violated the Party's political discipline and placed his Party membership on probation for one year.

Ren repeatedly made "wrong statements" on internet platforms such as Sina Weibo, blogs and other public occasions "in violation of the four cardinal principles and violating the Party's principles and policies," the Xicheng district's website said in 2016.



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