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Company boss gets 10 years for US$2.9m tax evasion
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THE former boss of a leather processing company has been sentenced to 10 years in prison for evading 18.6 million yuan (US$2.9 million) in tariffs on imported industrial equipment, the Shanghai No. 1 Intermediate People's Court said yesterday.
Wang Guoming, who was general manager and a major shareholder in Taige Industrial Co, was found guilty of using counterfeit documents, including receipts and order contracts, to reduce the companyÕs tax bill on various items purchased from overseas.
The crimes dated back to 2007, and though Wang resigned from the company in 2011, he remained active in its operations in an unofficial capacity, the court said.
Two other defendants, Cao Xiang and Liu Sen, were each sentenced to three-prison sentences suspended for three years for their roles in the crime.
The company, which is based in ShanghaiÕs pioneering free trade zone, was fined 18.7 million yuan.
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