Corporate executives jailed for fraud, embezzlement

Home>>Business

Last updated at: (Beijing Time) Saturday, December 20, 2003

Corporate executives jailed for fraud, embezzlement

Three corporate executives and a securities clerk were given prison terms ranging from three to ten years for fraud and embezzlement at Yunnan Provincial Higher People's Court Friday.

DISCUSSION

CHINESE

SEND TO FRIEND

Three corporate executives and a securities clerk were given prison terms ranging from three to ten years for fraud and embezzlement at Yunnan Provincial Higher People's Court Friday.

Zhao Zhiguo, former chairman of Zunrong Group Co., Ltd. based in Shenzhen City, Guangdong Province, was sentenced to 10 years in prison. Lu Youzhen, former chairman and general manager of Yuntong Enterprises Group Co., Ltd. of Shenzhen City, would be jailed for seven years.

Luo Jiang, former general manager and legal representative of International Economy and Technology Industrial Company of Hainan Province, was sentenced to five years in jail, while Lu Wei, former head of Shenzhen operations with Yunnan Provincial Securities Company, was given three years in prison.

Friday's ruling was final.

The court heard that on May 8, 1992, Saige Garden Industry Construction Co., Ltd. of Dongguan City, Guangdong Province, was launched by six companies with a total investment of 29.58 million US dollars, including Luo Jiang's company and a Hong Kong company. Zhao Zhiguo was appointed chairman of the new company, while Lu Youzhen was general manager.

Zhao and Lu collaborated with Luo Jiang in illegally appropriating 80 million yuan of capital belonging to Yunnan Provincial Securities Company by forging facts or hiding truth under the cloak of an economic contract signed between Luo Jiang's company and Yunnan Provincial Securities.

Ten million yuan of the money, with a power of attorney given by Luo Jiang's company, had vanished since it was successfully funneled into an account in Beijing.

Questions?Comments? Click here

China opposes foreign interference on HK affairs: Official ( 54 Messages)

China seeks int'l support in counter-terrorism ( 12 Messages)

Former Iraqi President Saddam Hussein arrested ( 101 Messages)

Nanjing Massacre remembered ( 54 Messages)

Abandoned Chinese babies find love from foreign parents ( 3 Messages)