Chinese tycoon on Forbes rich list jailed for life

A Chinese tycoon who was the youngest person on the 400-member Forbes China Rich List last year was sentenced to life in prison today for fraud involving millions of dollars, the official Xinhua News Agency said.

Zhou Yiming, 32, “forged financial reports in August 2002 to borrow 380 million yuan (€37m) from three banks,” Xinhua said.