Corruption charges held against himThe former chief of Shanghai's Formula One motor racing track and a key figure in bringing F1 to China has gone on trial for embezzling public funds, state press reported Tuesday.
Yu Zhifei, 54, was charged with stealing 1.05 million
yuan (around 140,000 dollars) to pay off personal debts and buy a house, the official Xinhua news agency said.
The Intermediate People's Court in Wuhu city in east China's Anhui Province had yet to pronounce a verdict.
The government uncovered graft during Yu's seven-year tenure from 1994 as chairman of Shanghai Shenhua Football Club, which enjoyed success in the national league under his reign.
Yu allegedly embezzled 800,000 yuan from the club in 1997 and 250,000 yuan in 1999.
He was a major force in bringing F1 racing to China, which held its first race in 2004 on the 240-million-dollar state-of-the-art track an hour west of Shanghai.
Yu was in charge of the German-engineered track from 2004 until May this year when he was sacked.
His arrest in January this year was part of a major crackdown on corruption that led to the sacking of Shanghai's then-Communist Party chief, Chen Liangyu, the highest-level firing of a government official in more than a decade.
Chen, who was arrested last September and then expelled from the party in July, is awaiting trial. He is accused of abusing his power for financial gain and sexual favours, as well as helping his family acquire huge financial assets conducted through illegal business deals.
More than 20 former government officials and businessmen connected to Chen and implicated in the case are expected to be punished.
Source AFP
