By Xinhua
Shenyang (China) : The Liaoning Provincial Higher People’s Court Monday upheld the death sentence to a top executive of a trading firm in a bogus ant-breeding project that raised 3 billion yuan ($417 million) from investors.
The ants were to be used for making liquor, herbal remedies and as aphrodisiacs.
Wang Zhendong, board chairman of Yingkou Donghua Trading (Group) Co., Ltd. in northeastern Liaoning province, was awarded the death sentence February last year while 15 company managers were sentenced to jail term between five years and 10 years by the Yingkou Intermediate People’s Court.
However, Wang and the managers appealed to the provincial high court after the first instance.
Wang’s property was confiscated, while the managers were fined ranging from 100,000 yuan to 500,000 yuan.
Police in December also arrested the chairman of a company in Liaoning that went bust trying to make an aphrodisiac tonic from ants after thousands of angry ant farmers demanded payment.
Wang Fengyou, chairman of the Liaoning Yilishen Tianxi Group, was in criminal custody on allegation of instigating social unrest.