China hands Tsinghua Unigroup's former chairman suspended death sentence over corruption, China News
BEIJING — A Chinese court handed Zhao Weiguo, the former chairman of semiconductor firm Tsinghua Unigroup, a suspended death sentence on Wednesday (May 14) after he was found guilty of corruption and embezzlement, state broadcaster CCTV reported on Wednesday.
The court in northeastern Jilin province sentenced Zhao to death with a two-year reprieve, the report said, meaning the sentence will only be carried out if he commits further crimes during the period. After the two years, he will face a life sentence.
The court also fined Zhao a total of 12 million yuan (S$2.16 million) for illegally earning profits for his family and friends as well as damaging the interest of a listed company.
Reuters was not able to contact Zhao for comment. He was first charged for corruption in 2023.
Originating as a branch of China's prestigious Tsinghua University, state-backed Tsinghua Unigroup was established in 1988 as a would-be domestic champion for China's laggard chip industry.
But under Zhao, the company spent billions on chip-related acquisitions but also unrelated, unprofitable businesses ranging from real estate to online gambling that eventually led it to default on a number of bond payments in late 2020 and face bankruptcy.
In 2022, Tsinghua Unigroup completed a restructuring plan that placed it under the ownership of a vehicle controlled by Wise Road Capital, Jianguang Asset Management, and a number of state-affiliated funds.
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