Tycoon charged with bribery and fraud
22 January 2007
Shanghai tycoon Zhou Zhengyi, detained shortly after the city's Communist Party Secretary Chen Liangyu was ousted on corruption charges in September, has been charged with bribery and tax fraud. The 45 year-old property magnate was only release from prison in May after serving time for his part in a fraud and stock manipulation scandal that emerged in 2003, the Wall Street Journal reported. Earlier it had appeared that the probe into misuse of Shanghai's social security funds, which brought down Chen, was easing off. There were reports that a number of the 100 investigators, who descended upon Shanghai to run the probe, had left the hotel they were using as a base.