The whereabouts of millions of yuan of assets belonging to the former Zhejiang tycoon Wu Ying, who is on death row pending a final court review, has finally been revealed, almost five years after her arrest.
More than 100 houses, 41 luxury cars and gemstones owned by Wu, the former chairwoman of Bense Holding and once the sixth richest woman on the mainland, are either in police custody or sealed away.
The proceeds of asset sales have been kept in a special account and will be handled according to the law, China News Service reported, quoting an unnamed Dongyang police officer in charge of economic crimes.
Wu's family and the mainland media had questioned the lack of transparency over the disposal of her assets. The family had been kept in the dark about the whereabouts of her jewellery and luxury cars, worth millions of yuan. They also questioned the right of the police to auction her property at below market prices.
The Zhejiang Higher People's Court last month upheld a death sentence imposed by a lower court in 2009. Wu, 30, allegedly raised 770 million yuan (HKS950 million) from 19 investors in a Ponzi scheme that lasted for nearly two years.
Most of her houses and shops were located in Dongyang's Hanning West Road, known by locals as Bense Street.