Friday, January 11, 2008

Shanghaied!

Yu Zhifei, the former General Manager of the Shanghai International Circuit has been incarcerated for four years after being caught embezzling $144,000 in order to buy a house. His sentence was reduced as he made a deal upon pleading guilty.

Yu Zhifei, is just one of many city officials currently being investigated for the misuse of Shanghai pension funds, with the city’s top official having been expelled from the Communist Party's powerful Politburo, while awaiting trial…

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