Former chairman of Tsinghua Unigroup sentenced to death for corruption
A Chinese court as sentenced Zhao Weiguo, the former chairman of Chinese semiconductor company Tsinghua Unigroup, to death after finding him guilty of corruption and embezzlement, according to local sources including Caixin Global.
The sentence is suspended for two years, which usually indicates the sentence will be commuted to life imprisonment on appeal.
Zhao was charged in 2023 and was one of several executives working at various venture capital firms, at the China Integrated Circuit Industry Investment Fund – otherwise known as the Big Fund, and at Tsinghua Unigroup.
Tsinghua Unigroup was a holding company funded by China’s prestigious and well-funded Tsinghua University (Beijing, China). Tsinghua Unigroup was set up under Zhao to absorb many of China’s startups and gain scale. It acquired and merged Spreadtrum Communications and RDA Microelectronics. The company sought to attract investment and to also channel venture capital and state funds to manufacturing companies such as Yangtze Memory Technology Co. (YMTC). However, much of the money went to other much less successful startups.
Although Tsinghua was at the time a Chinese champion semiconductor company it accumulated large debts under Zhao and the company defaulted on bond payments in 2020, causing major write-downs and a change of ownership.
Related links and articles:
Former chairman of Tsinghua Unigroup to be charged
Ministry official to lead China’s troubled ‘Big Fund‘
Another China ‘Big Fund’ executive is detained
Foxconn to sell stake in Tsinghua Unigroup, faces fine
Tsinghua Unigroup buy-out keeps Unisoc alive with Foxconn tie
Tsinghua Unigroup creditors call for restructure
If you enjoyed this article, you will like the following ones: don't miss them by subscribing to :
