Shanghai business tycoon Zhang Rongkun was handed a 19-year prison term by a Songyuan court for his role in a 2006 corruption scandal that brought down dozens of government officials in Shanghai, the Wall Street Journal reported, citing state media. Zhang, who will appeal the decision, was found guilty of bribery, share-price manipulation and misuse of public funds. At the time of his arrest, Zhang was among the wealthiest people in the country through a closely held company Fuxi Investment Holding, toll roads and stakes in companies controlled by the Shanghai government. Zhang was also considered especially close to Shanghai’s former party secretary Chen Liangyu, who was fired from his post in September 2006 due to the scandal. Chen’s trial began last month, but no news regarding the proceedings have been published.
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