Friday, January 4, 2008

Shanghai F1 boss sent to jail

http://msn.foxsports.com/motor/story/7629216


The man credited with helping to bring Formula 1 to China, Yu Zhifei, has been sentenced to four years in prison for embezzlement.
The former general manager of the Shanghai International Circuit was found guilty of embezzling more than 1m yuan (£69,500; $137,500) during the late 1990s.
He was convicted at a court in Wuhu City, Anhui province, of embezzling funds from Shenhua Football Club to pay for a luxury home.
Yu, a former government official, was in charge of the SIC when F1 made its debut in Shanghai in 2004.
His case is seen as part of a wider crackdown on misuse of government pension funds that is reported to involve more than 20 officials including Chen Liangyu, once Shanghai's most powerful figure, who is currently in custody awaiting trial.

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