Youngest China rich-list tycoon gets life for fraud

BEIJING, Dec 1 (Reuters) The youngest entrant on Forbes magazine's list of China's richest 400 last year was jailed for life today for fraud, state media reported.

Zhou Yiming, 32, faked financial reports to borrow 380 million yuan from three banks and later acquired a 28 per cent stake of a utility company, Xinhua news agency said.

China is in the middle of a crackdown on official corruption, which the ruling Communist Party has warned is so widespread it could threaten its credibility.

Zhou had acquired nearly 69 million dollars through his stake in the company, a supplier of water, electricity and gas to 3.8 million residents, the agency said.

The court in the southwestern province of Sichuan also confiscated Zhou's property and sentenced five co-defendants to jail terms of between three and five years.

REUTERS SY ND1202