14 years for former boss of Shanghai Land Group
Print Edition
The former vice president of Shanghai Land (Group) Co Ltd, Xin Jiping, has been sentenced to 14 years in jail and fined 1 million yuan (US$147,500) for corruption, selling state assets at low prices and concealing overseas deposits.
According to Shanghai No. 1 Intermediate People’s Court, between 2002 and 2015, Xin took advantage of his positions, including that of general manager and president of Shanghai Hongqiao Economic and Technological Development Zone United Development Company. He provided assistance on tenders, purchases and rentals of company properties in return for bribes worth 2.8 million yuan.
In October 2013, when president of the company, Xin decided to sell 66 of its stores, raising 21.8 million yuan less than the market price.
He bought five of the stores himself under other names, misappropriating state property worth 3 million yuan.
In 2000, he opened investment funds and deposit accounts at Standard Chartered Bank in Hong Kong and transferred US dollars and Hong Kong dollars into these accounts without declaring them.
By July 2017, deposits in these accounts had reached more than 620,000 yuan.
Since Xin confessed and returned his profits, he was given a lenient sentence.
Shanghai Land (Group) Co Ltd is a state-owned construction enterprise founded in 2002. Its business covers fields including land reservation and development, land reclamation and construction, infrastructure investment, reconstruction of old areas, and real estate development and management.
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