Chengdu -- A Chinese tycoon who was the youngest person on Forbes magazine's list of China's 400 richest people last year was given a life sentence on Friday after being found guilty of contractual fraud involving millions of US dollars.

Zhou Yiming, 32, forged financial reports in August 2002 to borrow 380 million yuan (US$48 million) from three banks, which he then used to acquire a 28-per-cent stake in Sichuan Mingxing Electric, a major supplier of water, electricity and gas to 3.8 million residents in Suining, southwest China's Sichuan Province.

The court held that Zhou began to siphon capital from the Sichuan company after he gained control, acquiring nearly US$69 million with the help of several accomplices.