The former director of the Shanghai circuit imprisoned!
Yu Zhifei, former director of the Shanghai International Circuit, was sentenced to four years in prison for corruption, reported the economic magazine Caijing. The 55-year-old man was sentenced after embezzling more than 1.05 million yuan (around 140,000 dollars) of public funds in connection with the purchase of a discounted house. He was also fined 300,000 […]
Yu Zhifei, former director of the Shanghai International Circuit, was sentenced to four years in prison for corruption, reported the economic magazine Caijing.
The 55-year-old man was sentenced after embezzling more than 1.05 million yuan (around 140,000 dollars) of public funds in connection with the purchase of a discounted house. He was also fined 300,000 yuan (35,000 dollars), according to the verdict announced by the court in the city of Wuhu in the eastern province of Anhui.
Yu was, from 1994, and for seven years, the president of the Shanghai Shenhua Football Club. During this period, he allegedly embezzled 800,000 yuan from the club in 1997 and 250,000 yuan in 1999.
More than 20 officials and businessmen have been involved in this corruption scandal.
Yu was in charge of the management of the Shanghai Circuit from 2004 until last May, when he was officially dismissed following his arrest in January. It is thanks to him, among others, that China hosted its first Formula 1 Grand Prix.
