Company Leaders in Central China Sentenced for Embezzlement

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Last updated at: (Beijing Time) Friday, August 08, 2003

Company Leaders in Central China Sentenced for Embezzlement

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Tong Shijian, board chairman of China's largest T-shirt producer, Kangsai Group, in central Hubei Province, was sentenced Thursday to 15 years in prison on charges of embezzling millions of yuan with speculation on the stockmarket.

Tong was found guilty of embezzling 15.8 million yuan (1.09 million US dollars) and offering 375,000 yuan (48,000 dollars) in bribes in the name of his group, according to the Huangshi Intermediate People's Court.

Tong's 500,000 yuan (60,204 dollars) of individual assets was also confiscated under the verdict issued by the court.Zhang Jianping, vice board chairman of Kangsai, was sentenced to 10 years in prison, and had 300,000 yuan (36,144 dollars)confiscated.

The Kangsai Group was also fined 500,000 yuan (60,204 dollars)for offering bribes.

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