Yurt
11-25-2008, 09:37 PM
Why Not to Be the Richest Man in China
There's no better way to say you've arrived in China than to be named on one of the country's rich lists. Of course, such an honor can also be an indicator that you will soon disappear for a long, long time. In recent years the rankings of China's wealthiest have included several prominent tycoons who have later been jailed on fraud and corruption charges.
The latest candidate for such a fall is Wong Kwong Yu, 39, the chairman of mainland electronics retailing giant Gome. Wong, named by the Hurun Report last month as China's richest man with an estimated net worth of $6.3 billion, was detained last week on suspicion of fraud, Chinese media reported. According to a report in the financial magazine Caijing, Wong (his name is also spelled Huang Guangyu) is being investigated for manipulating the share prices of Shanghai-listed Shandong Jintai Group, a medical company controlled by his brother, Wong Chung-yam. (See pictures of what money can buy.)
and china's official excuse maker has this to say:
The high-profile convictions indicate that China is still struggling to move beyond its unruly early days of privatization. The prosecutions are "a reflection of the cowboy capitalism, the relatively unregulated capitalism that exists in China," says David Zweig, a China scholar at the Hong Kong University of Science and Technology. "Many capitalist in China made their money either through their relationship with government officials or in somewhat shady deals." For those wealthy few, staying on top can prove more difficult than getting there.
i love america (http://news.yahoo.com/s/time/20081125/wl_time/08599186194500;_ylt=ArqEKg2xfcEsWkDKfkb3ktwEtbAF)
so it's unregulated, yet you can disappear for a long, long time...
There's no better way to say you've arrived in China than to be named on one of the country's rich lists. Of course, such an honor can also be an indicator that you will soon disappear for a long, long time. In recent years the rankings of China's wealthiest have included several prominent tycoons who have later been jailed on fraud and corruption charges.
The latest candidate for such a fall is Wong Kwong Yu, 39, the chairman of mainland electronics retailing giant Gome. Wong, named by the Hurun Report last month as China's richest man with an estimated net worth of $6.3 billion, was detained last week on suspicion of fraud, Chinese media reported. According to a report in the financial magazine Caijing, Wong (his name is also spelled Huang Guangyu) is being investigated for manipulating the share prices of Shanghai-listed Shandong Jintai Group, a medical company controlled by his brother, Wong Chung-yam. (See pictures of what money can buy.)
and china's official excuse maker has this to say:
The high-profile convictions indicate that China is still struggling to move beyond its unruly early days of privatization. The prosecutions are "a reflection of the cowboy capitalism, the relatively unregulated capitalism that exists in China," says David Zweig, a China scholar at the Hong Kong University of Science and Technology. "Many capitalist in China made their money either through their relationship with government officials or in somewhat shady deals." For those wealthy few, staying on top can prove more difficult than getting there.
i love america (http://news.yahoo.com/s/time/20081125/wl_time/08599186194500;_ylt=ArqEKg2xfcEsWkDKfkb3ktwEtbAF)
so it's unregulated, yet you can disappear for a long, long time...