Death sentence reduced to life

The Zhejiang High People's Court announced on Friday that a former business tycoon's sentence of death with a two-year reprieve has been commuted to a life sentence.

Wu Ying, 33, owner of Zhejiang-based Bense Holding Group and once one of China's richest women, has been in prison for two years.

She was found guilty of illegally raising 770 million yuan ($123 million) from 11 investors from 2003 to 2005 and cheating them out of 380 million yuan by offering high returns.

Meanwhile, she spent the money on a lavish lifestyle, according to the guilty verdict handed down by the court in May 2012.

Wu was originally sentenced to death in January 2012, but the Supreme People's Court rejected that.

Under Chinese law, a death sentence with a two-year reprieve can be commuted — and routinely is — to a life sentence after a convict serves in prison for two years with good behavior.

Wu appealed for an acquittal in February 2013, but her attorney said she has not yet received a response.