Yuan Baojing
Encyclopedia
Yuan Baojing (February 16, 1966 – March 17, 2006) was the president of the Jianhao Group and Beijing
's wealthiest multi-millionaire. In March 2006, he and two accomplices were sentenced to death by a Liaoyang
court for the October 2003 murder of Wang Xing, a hitman he had hired to kill a rival businessman in Sichuan
, who had caused his company to lose $13 million in futures
trading. The hitman later turned informer. There were controversies surrounding the sentence, methods of interrogation and whether there was sufficient evidence implicating Yuan in the murder. Yuan was put to death just fifteen minutes after the sentence was pronounced, together with his brother, Yuan Baoqi, and cousin, Yuan Baosen. He was the wealthiest convict to be executed in PRC
history.
Yuan was found guilty of the murder in January 2005 and was due to die by firing squad on October 14, 2005. After the date passed and the sentence was not carried out, it was rumoured that the day before the execution date his wife transferred ownership of shares worth 49.5 billion yuan
to the government. The assets comprised equities including a 40 percent stake in an Indonesian oil company held by Yuan through a Hong Kong firm. Another conjecture of the reason was Yuan revealed misconducts of a high ranking Liaoning
official.
Yuan Baojing, along with Yuan Baoqi and Yuan Baosen, was executed by lethal injection
shortly after the trial. Yuan Baofu, also sentenced to death, had his sentence suspended for two years.
The Jianhao scholarship, donated by Yuan, is seen by many as the top scholarship in China. Since 1996, over 900 college students across the country had received the scholarship. Yuan also established at least two elementary schools in Tibet.
Yuan Baojing's wife, Zhuoma, an ethnic Tibetan choreographer, will almost certainly inherit the bulk of Yuan's fortune. China has no inheritance tax
.
Beijing
Beijing , also known as Peking , is the capital of the People's Republic of China and one of the most populous cities in the world, with a population of 19,612,368 as of 2010. The city is the country's political, cultural, and educational center, and home to the headquarters for most of China's...
's wealthiest multi-millionaire. In March 2006, he and two accomplices were sentenced to death by a Liaoyang
Liaoyang
Liaoyang is a city in China, Liaoning province, located in the middle of the Liaodong Peninsula. The city is situated on the T'ai-tzu River and forms with Anshan a built up area of 2,057,200 inhabitants in 2010....
court for the October 2003 murder of Wang Xing, a hitman he had hired to kill a rival businessman in Sichuan
Sichuan
' , known formerly in the West by its postal map spellings of Szechwan or Szechuan is a province in Southwest China with its capital in Chengdu...
, who had caused his company to lose $13 million in futures
Futures contract
In finance, a futures contract is a standardized contract between two parties to exchange a specified asset of standardized quantity and quality for a price agreed today with delivery occurring at a specified future date, the delivery date. The contracts are traded on a futures exchange...
trading. The hitman later turned informer. There were controversies surrounding the sentence, methods of interrogation and whether there was sufficient evidence implicating Yuan in the murder. Yuan was put to death just fifteen minutes after the sentence was pronounced, together with his brother, Yuan Baoqi, and cousin, Yuan Baosen. He was the wealthiest convict to be executed in PRC
People's Republic of China
China , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...
history.
Yuan was found guilty of the murder in January 2005 and was due to die by firing squad on October 14, 2005. After the date passed and the sentence was not carried out, it was rumoured that the day before the execution date his wife transferred ownership of shares worth 49.5 billion yuan
Renminbi
The Renminbi is the official currency of the People's Republic of China . Renminbi is legal tender in mainland China, but not in Hong Kong or Macau. It is issued by the People's Bank of China, the monetary authority of the PRC...
to the government. The assets comprised equities including a 40 percent stake in an Indonesian oil company held by Yuan through a Hong Kong firm. Another conjecture of the reason was Yuan revealed misconducts of a high ranking Liaoning
Liaoning
' is a province of the People's Republic of China, located in the northeast of the country. Its one-character abbreviation is "辽" , a name taken from the Liao River that flows through the province. "Níng" means "peace"...
official.
Yuan Baojing, along with Yuan Baoqi and Yuan Baosen, was executed by lethal injection
Lethal injection
Lethal injection is the practice of injecting a person with a fatal dose of drugs for the express purpose of causing the immediate death of the subject. The main application for this procedure is capital punishment, but the term may also be applied in a broad sense to euthanasia and suicide...
shortly after the trial. Yuan Baofu, also sentenced to death, had his sentence suspended for two years.
The Jianhao scholarship, donated by Yuan, is seen by many as the top scholarship in China. Since 1996, over 900 college students across the country had received the scholarship. Yuan also established at least two elementary schools in Tibet.
Yuan Baojing's wife, Zhuoma, an ethnic Tibetan choreographer, will almost certainly inherit the bulk of Yuan's fortune. China has no inheritance tax
Inheritance tax
An inheritance tax or estate tax is a levy paid by a person who inherits money or property or a tax on the estate of a person who has died...
.