- July 22, 2021
- Posted by: Stratford Team
- Category: Business
Chinese leader Xi Jinping’s push to crush organized crime has led to prosecutions and asset seizures targeting prominent entrepreneurs and sent chills through private businesses in the world’s second-largest economy.
The campaign has fallen heavily on people like Zhang Wei, who built businesses in lending, asset management and real-estate investment in the southern city of Shenzhen, where he also became a municipal lawmaker.
Police accused him of running an “underworld-style” crime syndicate that engaged in fraud, blackmail and other offenses. In May, a Shenzhen court sentenced Mr. Zhang to life in prison and confiscated assets—including property, stocks and an Airbus A319 jet—that his family estimates to be worth more than $1 billion.
Mr. Zhang has admitted to giving bribes and asking associates to trespass on a private residence, but he denied all other charges against him. His lawyers and family say…