The media reported on the life imprisonment of a billionaire from China due to fraud.

A court in the Chinese city of Xi'an has sentenced He Jinbi, founder of the Maike Metals International trading house, to life imprisonment. The businessman was found guilty of contract fraud, bribery and other crimes. This was reported on October 26 by Bloomberg, citing sources familiar with the court's decision.

According to the agency, the 61-year-old businessman was sentenced back in September, but the court decision has not yet been officially published. The court concluded that Maike's actions created a risk of financial losses of more than $1 billion for several Chinese banks.

He Jinbi has already appealed the verdict. The entrepreneur himself, his relatives and lawyers did not respond to Bloomberg's requests for comment.

During the trial, the defense insisted on the businessman's innocence. The lawyers emphasized that neither He Jinbi nor his company had any intention of committing fraud. The defense pointed to a ten-year history of successful cooperation with banks and regular repayment of loans.

According to the lawyers, financial difficulties arose due to pandemic restrictions, and some of the bank losses were caused by deficiencies in risk management systems in the credit institutions themselves.

Thieving officials: the fight against corruption has unfolded in China

On the eve of the annual session of the National People's Council, 19 deputies have already been deprived of their mandates.

The press service of the Supreme Court of the People's Republic of China reported on August 28 that the Nanjing City Intermediate People's Court sentenced Jiang Chaoliang, former party secretary of the Chinese province of Hubei, to death with a two-year suspended sentence for accepting bribes worth more than 746 million yuan ($111 million). From 1995 to 2025, the official used his positions to assist companies and individuals in obtaining loans, government contracts, running a business, and promoting their careers.