Tuesday, December 15, 2015

Only one percent of China´s billionaires incarcerated - Rupert Hoogewerf

Rupert Hoogewerf
Rupert Hoogewerf
Guo Guangchang was the latest of China´s tycoons to get in trouble with the authorities. But the number of billionaires getting into the anti-corruption net is actually pretty low, says Hurun China Rich List founder Rupert Hoogewerf to Reuters. Lower than the number of government officials.

Reuters:
Just over one percent of Chinese billionaires identified by the Hurun Report as the country's richest over the past 17 years have been jailed, charged or even executed mainly for bribery, embezzlement or economy-related crimes, the publication said. 
On its website, the Hurun Report said 35 of the more than 3,000 billionaires that have featured on its annual Hurun Rich List, dubbed by local media as a "slaughter list" since it was launched in 1999, have run into trouble with the law. 
The biggest number - 11 - were real estate tycoons, the report said, followed by nine finance industry executives. Shanghai and Beijing were home to most of the offenders, who on average were sentenced to jail at age 47 for 10 years, the report added. 
Hurun founder Rupert Hoogewerf told Reuters the number of billionaire offenders was lower than the number of government officials and executives at state-owned enterprises who have been arrested or are under investigation for corruption.
More at Reuters.

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