Rise and Fall of a Female Billionaire

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In its recent cover story, the renowned Caijing magazine
reported the rise and fall of a female billionaire, Li Wei.
It exposed the sex scandals of some high-ranking officials,
who fell due to their illicit relationships with Li.
Li escaped her trials and was released in late 2010.
She now lives in Hong Kong.
Li』s case is a real drama of CCP』s 「nepotistic capitalism」
about how the rich and powerful devour public wealth.

The Feb. 14 issue of the Caijing magazine published
a cover story titled 「Public Nepotism.」
It revealed the story of the once-powerful Li Wei,
a mistress shared by at least 15 high-ranking officials.
Together, they have formed a 「corrupt coalition,」
while Li became an 「officials』 common mistress.」

Born in 1963, Li is a French-Vietnamese mixed child.
She entered Yunnan as a refugee in late 1970』s.
In 1990』s, she obtained residence permits of Shenzhen
and Hong Kong from Zheng Shaodong,
criminal investigation director at
the Department of Public Security in Guangdong.

Caijing reported, ex-Governor of Yunnan Li Jiating,
ex-CCP Secretary of Qingdao City Du Shicheng,
and ex-Sinopec Chairman Chen Tonghai
all had immoral relationships with her.

The report hinted that current CCP secretary of Shanghai
Yu Zhengsheng, ex-Finance Minister Jin Renqing,
ex-Foreign Minister Li Zhaoxing and
an anonymous high-ranking intelligence official
all had affairs with Li Wei.

The report said, besides her role as a mistress,
Li played a more important role to these officials
by converting their power into enormous wealth
through 「power-money exchange.」

In a lovers』 rendezvous with Du Shicheng,
Li asked Du for realty contracts of Qingdao』s
most beautiful Taipingjiao, gaining 84 million yuan.
Through her intimate relationship with Du,
Li quietly controlled the real estate market of Qingdao.
But she kept a low key in manipulating the projects.

The gifts Chen Tonghai gave her included
shares of Sinopec-controlled Taishan Petroleum.
Li earned over 200 million yuan within weeks.

In only a few years, Li Wei turned from a refugee
to a rich woman and elite entrepreneur,
with ten billion yuan in assets and over 20 companies
in tobacco, real estate, petrol, and finance.

In June 2007, ex-Sinopec chair Chen Tonghai received
a reprieved death penalty for taking bribes of
nearly 200 million yuan, a record-breaking bribery case.
His downfall was caused by Du Shicheng』s case.
Their common mistress Li Wei revealed Chen Tonghai.
So, as Chen was considered to have confessed,
the authorities reduced his penalty.

Li Wei was arrested in Oct. 2006 for major tax evasion.
However, she was released without being tried in 2010.
She currently lives in Hong Kong.
Most of her assets were intact.
Some even appreciated.

「Nepotistic capitalism」 is a distorted market economy,
with many behind-the-scene deals
beyond judiciary reach.
If the rule of law is not independent,
there is still room for nepotism to survive and expand.

NTD reporters Tang Yan and Zhou Ping


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