Ex-motor racing chief jailed for fraud

The former Formula One racing boss in China has been sentenced to four years in jail for embezzlement, the latest person disgraced in a financial scandal in Shanghai.

The former Formula One racing boss in China has been sentenced to four years in jail for embezzlement, the latest person disgraced in a financial scandal in Shanghai.

Yu Zhifei, a former city government official and general manager of the Shanghai International Circuit, was given the sentence by the Intermediate People’s Court in the city of Wuhu, west of Shanghai.

Yu’s case is seen as part of a wider crackdown on misuse of government pension funds in China’s commercial hub that last year toppled Chen Liangyu, the city’s most powerful official.

Chen awaits trial for allegedly misusing the city’s pension funds. He has already been expelled from the Communist Party’s powerful Politburo.

The scandal has embroiled at least a dozen high-level businessmen and former senior government officials.

It has focused mainly on alleged illicit use of city pension and housing funds in potentially high-risk real estate and toll road investments.

Yu, who was also fined £20,000, was found guilty of embezzling £70,000 in public funds to buy a house.

The court decided that because Yu admitted “his criminal facts” he was given a lighter sentence. Others convicted in the scandal have been given life in prison.

The charges date from 1997/99, prior to Yu taking on the job of racing circuit chief in Shanghai in 2001.

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