Aug 12, 2015 06:54 PM

Shanghai Tycoon Jailed 18 Years for Misusing Funds

(Beijing) – A court in Shanghai has sentenced a well-known businessman who once headed a number of major state-owned enterprises in the city to 18 years in prison on charges of misappropriating funds and taking bribes.

Wang Zongnan, 60, misused 195 million yuan of Shanghai Lianhua Supermarket Holdings Co.'s money while he was chairman from 2001 to 2006 so he could help two other companies run real estate businesses, the Shanghai No. 2 Intermediate People's Court said August 11.

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