A billionaire in prison for cutting forest

A 58-year-old billionaire, Luo Žongfu, who was declared the richest Chinese alive 12 years ago by magazine "Forbes", has been sentenced to 10.5 years of prison for illegal cutting of trees on the terrain intended for construction of a large housing complex.

The court in Kvingšen did not find any mitigatory circumstances for the owner of real estate agency. In addition, Luo will have to pay the fine in amount of about 5,000 EUR for destroying the forest and illegal use of agricultural land.