An official of the state-owned Assets Supervision and Administration Commission (SASAC) was brought to the court for embezzling 50 million yuan, local media reported.

Chen Tianxiao, the 54-year-old official of SASAC, China's state assets watchdog, embezzled 50 million yuan in 2000, when she was working for the Pharmaceutical Department under the former State Economic and Trade Commission (SETC), Beijing News reported.

At the end of 1999, eight companies including Shenyin & Wanguo Securities had invested a total 50 million yuan to set up an investment fund together with the SETC. Chen was appointed by the SETC to found and run the fund management company.

She moved the funds to her own company from June to December 2000, said Wang Zhonghua, chief procurator of Beijing Xuanwu District Procuratorate quoted by the newspaper.

So far the anti-corruption bureau of Xuanwu District Procuratorate has completed the investigation and has brought the case to court.

Source: Xinhua