Wong Kwong Yu, 41, was once one of China’s most celebrated and wealthiest entrepreneurs. He was the nation’s richest person in 2006. Now he is behind bars, sentenced last week to 14 years in jail after having been convicted of insider trading and bribery.
Another former Asian billionaire could be in even hotter water. Thailand’s former prime minister, Thaksin Shinawatra, was charged with terrorism this week. The Thai government claims he is responsible for spurring the anti-government Red Shirts during the violent chaos that inflamed the streets of Bangkok over the past two months leaving 88 dead. Thaksin denies involvement.
This isn’t the first time that Thaksin, who made his fortune in telecom, has been in legal trouble. In 2006 he was ousted from the Thai government and in 2008 he was convicted in absentia to two years in prison on corruption charges. He never made it behind bars as he was already out of the country when convicted, reportedly having fled to Dubai. But his family lost the bulk of its money, which was seized by the government. This time, if he were caught, the consequences would be graver. The former billionaire, who has told reporters from his undisclosed location that he did not incite violence, could face the death penalty.
Read More: – By Keren Blankfeld, Forbes