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Former vice manager in bribes trial
By Jia Feishang |
January 27, 2010, Wednesday
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Print Edition
Print Edition
A FORMER vice manager of state-owned Sinosteel Shanghai Co went on trial yesterday for accepting bribes of 2.5 million yuan (US$366,161).
Wang Qianghua, 46, is accused of accepting the money from the managers of two other companies.
In 2006, Zhu Hui, manager of Shanghai Guanhong Co, and Zhao Yafeng, boss of Shanghai Baixing Co, signed contracts to sell steel products to Wang. The two then invested the money in the futures market and made about 60 million yuan. Several months later, they bought back their steel.
Both parties benefited, but the business was illegal, prosecutors said.
As the vice manager in charge of the company's steel business, Wang allowed such deals, and his cooperation with Zhu and Zhao lasted for five to six years, prosecutors said.
In December 2006, Zhu gave Wang 500,000 yuan, and in January and February 2007, Zhao gave him two payments of 1 million yuan, the court was told.
Wang said he used the money to buy an apartment. "They made a lot of money, and they wanted to thank me for my ideas," Wang said.
Wang Qianghua, 46, is accused of accepting the money from the managers of two other companies.
In 2006, Zhu Hui, manager of Shanghai Guanhong Co, and Zhao Yafeng, boss of Shanghai Baixing Co, signed contracts to sell steel products to Wang. The two then invested the money in the futures market and made about 60 million yuan. Several months later, they bought back their steel.
Both parties benefited, but the business was illegal, prosecutors said.
As the vice manager in charge of the company's steel business, Wang allowed such deals, and his cooperation with Zhu and Zhao lasted for five to six years, prosecutors said.
In December 2006, Zhu gave Wang 500,000 yuan, and in January and February 2007, Zhao gave him two payments of 1 million yuan, the court was told.
Wang said he used the money to buy an apartment. "They made a lot of money, and they wanted to thank me for my ideas," Wang said.
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