Chinese company director jailed for money laundering
On August 26, 2008, Chinese investment company director Yang Shiming was sentenced to 9 years in jail and a fine of USD 728 571 for money laundering.
It should be noted that this case is the first of that kind in the province’s capital city of Chengdu that leads the country in terms of illicit money deals.
Besides Yang Shiming, the Sichuan Province court dealt with 15 defendants that were sentenced to a range of penalties from death with 2-year probation to 4-year imprisonment for their involvement in 8 fraud cases worth 240 million yuan.