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Yang Bin, once listed as China's second riches man, was sentenced to 18 years in prison for commercial crimes on Monday by a intermediate court in Shenyang, Northeast China's Liaoning Province.

Chinese-born Dutch flower magnate Yang Bin talks to journalists on the steps of his Euro-Asia Group offices in the northeastern Chinese city of Shenyang in this October 3, 2002 file photo.

The court convicted Yang of fraud in investment, illegally occupying farmland, offering bribes and receipt forgery. He was also ordered to pay 2.3 million yuan (US$278,113)in fines.

The 40-year-old Dutch national, listed as China's second richest man by Forbes magazine in 2001, was detained just days after the Democratic People's Republic of Korea named him head of a new free-trade zone that was to be built on the border with China.

Yang was also head of orchid exporter Euro-Asia Agricultural (Holdings) Co Ltd, a Hong Kong-listed company. The firm branched out into other businesses, including building a Dutch-themed real-estate development in Shenyang.

Yang moved to the Netherlands in 1987. He ran a Dutch textile firm before returning to China with US$20 million seven years later to start his flower business. Yang was noted for his lavish lifestyle, fast cars and private plane.

Yang was placed under house arrest in October. Official media say authorities began investigating him after ordering him to pay back taxes. He said he'd agreed to pay tax authorities US$1.2 million.

In November, Yang was formally arrested on charges of fraud, offering bribes and illegally occupying farmland.

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