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The Li Mingzhi case, which has been entangled for nearly 12 years, has finally come to an end. Li Mingzhi, former chairman of United Group, pleaded guilty to two charges of publishing false accounts in the High Court last Friday and was sentenced to one year's immediate imprisonment. The golden finger from Malaysia has dominated the financial sector for the past 20 years, and he has never failed to challenge the regulators in Australia and Hong Kong. At the peak, the joint venture company he founded once controlled ten listed companies with a market value of over 9 billion yuan. Unfortunately, he ended up in prison with Chen Songqing, the protagonist of the Jianing case, and spent his 66th birthday alone in prison next month. This sensational Li Mingzhi incident began in 1992, when the then Financial Secretary MacLEOD set up an independent committee to investigate 10 companies in the joint venture company. The investigation continued to 1998, and Xie, the former chief financial officer of Lianhe Group, was formally charged. During this period, Li Mingzhi applied for permanent termination of the trial four times for different reasons. Although it was successful twice, the prosecution appealed to the Court of Final Appeal. Finally, the court sent the case back to the High Court for retrial in August last year, and it was heard again last Thursday. Li Mingzhi was charged with six counts, including two counts of conspiracy and fraud, involving the period from 1990 to 1992, which was related to the fact that the company did not really raise enough funds when it carried out rights issue activities in United Group; The other four charges involved making false statements about the share capital and net assets of United Group and United Real Estate in their 1990-91 annual reports. Li Mingzhi was the chairman of United Group at that time, so he was accused of conspiracy to defraud and publishing false financial information. After reaching an agreement with the prosecution, Li Mingzhi admitted in the High Court last Thursday that the information in the annual reports of United Group 1990 and199/KLOC-0 was untrue, which were the two lightest crimes, and the prosecution promised not to charge the remaining four crimes.

Li Mingzhi, a senior financial criminal who lost a lot of weight, was released on bail after pleading guilty last Thursday. There is no need to remand him in custody. The next day, Li Mingzhi, wearing a red tie, calmly came to the High Court and took photos for reporters generously, showing full confidence. Before the trial, he was still talking and laughing with his lawyer and family. Judge Bevi said in sentencing: "At that time, as the chairman of the company, you knowingly allowed and agreed to publish false accounts, so you had a great responsibility. However, Bei Weihe accepted the plea of Jin, a lawyer, saying that the case had been delayed for more than 10 years and he suffered from diabetes, heart disease and depression, so he halved the starting point of two years' sentencing and "lightly sentenced" him to one year's imprisonment. When Li Mingzhi heard that he was sentenced to prison, he couldn't help showing his amazement. But he quickly controlled his emotions, then folded his hands and held his chin, coldly watching the judge read out the reasons for sentencing. Li Mingzhi didn't expect to be a prisoner. He has arranged a business trip for a German banker next month. In fact, he spent 12 years defending himself, and hired Jonathan Caplan, a British Queen's Counsel, Alexander King, a barrister, and Michael Lunn, a former defense lawyer in the Jia Ning case and now a high court judge, to spend the past 12 years dealing with the government to the end. Mrs. Li Mingzhi, who had been waiting in the public gallery, first sobbed after hearing the verdict, and then began to cry a few days later. Finally, she fainted, vomited and convulsed, and the scene was sour. Daughter, son-in-law and youngest son Li have been with their mother. Just before Li Mingzhi was taken away, he gently called Shirley in the prisoner's column, then handed a few thousand-dollar bills, a piece of red paper and a mobile phone to a lady and whispered for a while. This beautiful woman, Zhuang Shuyang, 49, is a close friend of Li Mingzhi. He used to work in Shen Yin Wanguo, and now he is the chairman and major shareholder of China Network, while China Network holds 9% of the shares of United Group. 1998 When Li Mingzhi was granted 25 million yuan for medical parole, Zhuang Shuyang was one of the personnel guarantors. She gets along well with Li Mingzhi's family. The unit in Ligenda district where she once lived is the ground floor of Li Mingzhi penthouse. Li Mingzhi 1938 was born in Malaysia, with a ancestral home in Fujian, and studied civil engineering at the University of Sydney, Australia. In the early 1980s, he founded Sunshine Australia. He made good use of complicated trading methods to expand the company, which made the Australian Securities Regulatory Commission dissatisfied and ordered the suspension of brilliant share trading and hearings. Seeing the unfavorable situation, Li Mingzhi moved to Hongkong in 1986.

Li Mingzhi, the kingdom of the Fire Rapid Construction Association, soon established himself as a dragon crossing the river, all because of his hard-working, quick and generous work style. 1987, he spent 1 100 million Australian dollars to buy the Old Shengping Ballroom (now the Grand Hyatt Hotel) in Wan Chai, Union Square and Gloucester Road in Mong Kok in one day. It was a rainy day when I bought the old Shengping ballroom. As soon as Li Mingzhi got off the plane, he went into the construction site in the dark. In order not to give his opponent a chance to bargain, Li Mingzhi bought it without bargaining. In just half a year, he sold land 1 .800 million and pocketed it1100 million. Gloucester Road also cooperated with Japanese-funded Kashima Group to develop the United Kashima Building, which became the flagship property of the United Group. Li Mingzhi is particularly proud of Digende Pavilion, a mansion developed by United Real Estate Company. 1994, United Real Estate sold the first and second phases of Degende Pavilion and cashed in 2.2 billion yuan. The third stage is to keep the rent. It used to be the tallest house in Asia. Li Mingzhi kept the top 8,000-square-foot duplex apartment with panoramic view of Victoria Harbour for himself, which was very heroic in Hong Kong. However, Li Mingzhi has moved out now, and this unit was rented out in May this year. 1986 Li Mingzhi, who came to Hong Kong, soon clashed with the Hong Kong Securities Regulatory Commission. 1987, Li Mingzhi and two directors acquired 35% of the shares of Zhaoan Real Estate, but they did not disclose that they were the same person to avoid a full acquisition. As a result, being named by the CSRC violated the "Guidelines for Mergers and Acquisitions". However, this has not hindered the rapid expansion of joint ventures. Under the constant acquisition, Li Mingzhi's joint venture kingdom has ten listed companies in its heyday, which are engaged in real estate, securities, steel and printing. The rapid growth of the United Department is related to Xie, the former financial director of the United Group, and Chen Jinan, the former director who has fled to Taiwan Province Province. Some financiers call the "check wheel" method the first.

For example, in March of 199 1, United Group placed shares in United Real Estate at the price of 1.40 yuan per share, raising 1.98 million yuan. The United Group first sells the old shares to an independent third party, and the proceeds shall be subscribed for by United Real Estate. However, on the same day that United Group paid the subscription money to United Real Estate by cheque, United Real Estate also issued a cheque for the same amount to First South China Bank. The first South China bank was registered in Cook Island near New Zealand. According to the investigation report of the Joint Ministry of Government 1993, this bank does not provide banking services to the public, but is a bank exclusively used by the Joint Ministry and private companies in Li Mingzhi. In other words, only Li Mingzhi knows the flow of funds after the check is counted by United Real Estate. United Real Estate, which has the most cash in this department, deposited the funds in this private bank, and then the bank "lent" the funds to the parent company United Group and Li Mingzhi, so as to instigate the acquisition and shareholding increase. Because it is a loan deposit, the joint venture department does not need to announce these related transactions, but there are huge short-term "deposits" in the joint real estate annual report. The so-called "deposits" and "loans" are actually only recorded in the annual report, so that the overall value of assets can be calculated.

Being willing to challenge the law and trigger an investigation by the joint department is actually the "poisoning" of the current Legislative Council member Zhan Peizhong. Zhan Peizhong sold 30% of Wei Yi's shares to Li Mingzhi in 199 1 year, and only kept a small amount of shares, while Li Mingzhi never disclosed his interests in Wei Yi. 1At the beginning of 992, Wei Yi bought Hongshan Peninsula from United Real Estate for 285 million yuan, which required a large proportion of equity financing, causing dissatisfaction among the minority shareholder Zhan Peizhong, so he wrote to the Stock Exchange to complain that Li Mingzhi was the major shareholder of Wei Yi, and then the CSRC investigated it. Talking about Li Mingzhi's imprisonment, Zhan Peizhong said happily: "Ming Taizu was so sober that he must have fallen out with the government before he confessed. Every solution goes to jail? Or he thinks he was misled! These are all destiny takes a hand. The veteran who was imprisoned for conspiracy and fraud also sent a message to Li Mingzhi: "After deducting holidays, I just sat for eight months, and I was too scared to rest! 1In August, 1992, the then Financial Secretary MacLEOD appointed Nie Yalun, a partner of Sanford Yung Certified Public Accountants, to conduct an investigation. In September, the Commercial Crime Bureau sent 300 officers from the Police Tactical Unit to search and contact the company. Li Mingzhi remained calm in the face of the government's high-profile measures. In less than a year, he quickly sold five listed companies, including Dongrong Steel, to Changjiang Industry, and cashed in nearly 1 1 billion yuan. 1993 When he attended a gathering of the American Chamber of Commerce, he was still very coquettish, making "inappropriate" remarks and teaching "foreigners" how to do business in the Mainland. He even said, "Law is not the same thing. He even hinted that bribery is effective. " Don't say it's bribery, but financial aid. The most important thing is to make sure that you will not be investigated. 」

Li Mingzhi is a man with a strong sense of inferiority. He didn't blindly confront the government. At the beginning of the investigation, he introduced celebrities to the board of directors of the joint department, including former Jockey Club Chairman Mike Yunli, former Airport Authority Chairman Huang Baoxin and former Legislative Council Member Liu Huasen, to safeguard the company's reputation. 1993 after the government announced the results of the investigation, he resigned from all positions in the department. His eldest son, Cheng Hui, handles his daily affairs. His daughter Shu Hui is a non-executive director of United Group, and his youngest son Cheng Huang is the chairman of Malaysian listed company Mulpha. Li Mingzhi's personnel arrangement enabled the joint department to continue to operate as usual after he went to prison. This "foresight" is the biggest difference between him and the chairman of other imprisoned companies. However, the joint department is not as active as before. Even Li Mingzhi himself has obviously kept a low profile in successive trials over the past six years. Even his daughter Li Shuhui 1999' s wedding kept a low profile, and only a dozen relatives and friends were invited to watch the ceremony. Li Mingzhi likes wrestling with regulators all his life, which is said to stem from his inferiority complex. A business person who worked with him once said, "He has a strong sense of inferiority. He often thinks that he is a horse and has been' shrimp', so he likes to take the legal path best. He thinks this is enough. 」

The classic case-Jianing case-Li Mingzhi case is complicated, with a long trial period and many witnesses. Although rare in recent years, it still failed to break the record set by the Jianing case, which was even worse dramatic than the Li Mingzhi case. Chen Songqing, the founder and major shareholder of Jianing, was arrested for commercial crimes in 1983, and started the lawsuit for 13 years, making it the longest trial in Hong Kong history. The Jia Ning case cost 200 million yuan. ICAC investigators met 350 witnesses in Europe, the United States, Australia and Asia 13 countries, and 160 witnesses appeared in court, including 4 million pages of documents in 20,000 exhibits. During the trial, a witness was shot and an ICAC investigator in charge of the Jia Ning case committed suicide. 1987, the presiding judge Bai Jia acquitted six defendants, including Chen Songqing, on the grounds of repeated accusations, which was criticized by public opinion. The following year, Bai Jia resigned, but was killed in a bizarre car accident in Cyprus, adding drama to the Jianing case. Later, the prosecution appealed and Chen Songqing was sentenced to three years' imprisonment in 1996. After deducting holidays, he actually spent 18 months in prison. 1998 After he was released from prison, he rarely appeared again.

Li Mingzhi case in 86, Li Mingzhi ended his business in Australia and moved to Hong Kong for development. 1987, Li Mingzhi and two directors invested more than 35% shares in Zhaoan Real Estate. However, it was not disclosed that the three parties acted in concert to avoid a comprehensive acquisition, which was condemned by the CSRC for violating the Guidelines for Mergers and Acquisitions. 9 1 year 1 1 month joint system is to be privatized. 1In February, 1992, China Securities Regulatory Commission received a complaint from Zhan Peizhong, a small shareholder of Wei, claiming that Li Mingzhi did not disclose his identity as a major shareholder of Wei Yi. The CSRC is also involved in investigating whether the purchase of Hongshan Peninsula by United Real Estate is a related party transaction. 1In August, 1992, former Financial Secretary mcleod appointed Nie Yalun, a partner of Rongyongdao Certified Public Accountants, to investigate ten companies in the joint department. 1In September 1992, the Commercial Crime Bureau sent 300 senior police officers to search the joint company. 1In March, 1993, Li Mingzhi applied for judicial review of the investigation by the Commercial Crime Bureau, but it was rejected by the High Court. In September 1993, the government announced the results of an investigation, which showed that some directors of Jilian had acted improperly and harmed the interests of minority shareholders, and they were handed over to the Commercial Crime Bureau for follow-up. 1in June 1993, Li Mingzhi resigned from all positions in the joint department. 1997 in may, Xie, the chief financial officer of United group, was arrested in Sydney, Australia. Former director Chen Jinan is wanted by the police. 1In August 1998, Xie was extradited to Hong Kong for trial. Li Mingzhi was arrested while crossing the border at Man Kam To, and they appeared in the Eastern Court. 1June, 1999, the case was submitted to the High Court for trial, and Li Mingzhi applied for permanent termination of the trial. In July 2000, the High Court ordered the case to be shelved permanently, and Xie was released in court. 0 1 February, the government hired former Attorney General Tang Mingzhi to appeal to the Court of Final Appeal. 01March, the court of final appeal sent the case back to the high court for retrial. In March 2002, Li Guorong, an expert witness of the prosecution and former managing director of Industrial and Commercial East Asia, was questioned for not disclosing that he had been investigated by the CSRC, and the judge dismissed the jury. In June 5438+February 2002, the judge accused the party of favoring Li Guorong, which affected the fair trial, and ordered the hearing to be permanently suspended again. In August 2003, the Court of Final Appeal sent Li Mingzhi's case back to the High Court for retrial. 65438+In February 2003, Xie suddenly pleaded guilty and was sentenced to 16 months in prison, suspended for 2 years, and returned to Australia to reunite with his family. In May 2004, Li Mingzhi applied for a permanent termination of the trial, but it was rejected by the High Court. In June 2004, Li Mingzhi reached a plea agreement with the prosecution, admitting two charges of publishing false accounting statements. He was sentenced to fixed-term imprisonment of 65,438+02 months, disqualified as a director of the company for four years, and paid legal fees of 654,380+05,000 yuan.