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Former executives on corruption charges
By Pan Xiaoyi |
February 27, 2009, Friday
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Print Edition
Print Edition
SHANGHAI Jiaoda Onlly Co, a publicly listed heath care firm, said yesterday that three former heads of the company will be prosecuted for embezzlement, taking bribes and corruption.
Shanghai No. 2 Intermediate Prosecutors' Office charged Onlly's former president Lan Xiande, and two former vice presidents, Fan Xiaobing and Ye Wenliang, according to a statement Onlly released to Shanghai Securities News yesterday.
Prosecutors said Lan had stolen around 47.5 million yuan (US$6.9 million) from company accounts, plus taken bribes worth 15.7 million yuan and misappropriated 900 million yuan worth of funds.
Fan was prosecuted for taking bribes worth 15.7 million yuan and embezzling 55 million yuan while Ye was charged with embezzling 47.5 million yuan and misappropriating 35 million yuan, the statement said.
An unnamed source familiar with the case told Beijing-based Caijing Magazine that Lan moved funds to a company controlled by his family. Onlly was hugely profitable during Lan's tenure, however the company always reported annual losses, the source said.
Lan was stripped of his presidency and vice chairmanship on October 29, 2007, but remained on the board.
The Shanghai Committee of the Chinese People's Political Consultative Conference canceled Lan's position as a committee member on January 8, 2008, and announced Lan had been detained for allegedly taking bribes and embezzlement.
Lan, born in 1957, co-founded Onlly and worked as president of the company. He was also bestowed several honors by local and central governments including the title "Model Worker."
Shanghai No. 2 Intermediate Prosecutors' Office charged Onlly's former president Lan Xiande, and two former vice presidents, Fan Xiaobing and Ye Wenliang, according to a statement Onlly released to Shanghai Securities News yesterday.
Prosecutors said Lan had stolen around 47.5 million yuan (US$6.9 million) from company accounts, plus taken bribes worth 15.7 million yuan and misappropriated 900 million yuan worth of funds.
Fan was prosecuted for taking bribes worth 15.7 million yuan and embezzling 55 million yuan while Ye was charged with embezzling 47.5 million yuan and misappropriating 35 million yuan, the statement said.
An unnamed source familiar with the case told Beijing-based Caijing Magazine that Lan moved funds to a company controlled by his family. Onlly was hugely profitable during Lan's tenure, however the company always reported annual losses, the source said.
Lan was stripped of his presidency and vice chairmanship on October 29, 2007, but remained on the board.
The Shanghai Committee of the Chinese People's Political Consultative Conference canceled Lan's position as a committee member on January 8, 2008, and announced Lan had been detained for allegedly taking bribes and embezzlement.
Lan, born in 1957, co-founded Onlly and worked as president of the company. He was also bestowed several honors by local and central governments including the title "Model Worker."
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