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November 22, 2011

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Man dealt 13 years for funds theft

A former financial manager of a local company who went on the run for 10 years after embezzling nearly 30 million yuan (US$4.72 million) in public funds was sentenced to 13 years in prison, Jing'an District prosecutors said yesterday.

The suspect, surnamed Qian, was arrested in Hainan Province on March 2 after being pursued by Shanghai police since March 2001.

Prosecutors said Qian was the financial manager of a local company, whose name was not revealed by the court, in 1995 when he was acquainted with the boss of a decoration company, surnamed Zheng.

In 1997 and 1998, Qian was alleged to transfer 16.95 million yuan from the company's bank account to Zheng to help him develop his business covering various investments in chemical plants, real estate, restaurants and nightclubs in Shanghai and Jiangsu Province. He later transferred another 13 million yuan to Cheng, who died in 2009.

Qian told prosecutors he took the risk of lending money to Zheng because the company he worked for was facing systemic reform and he was afraid of losing his position and hoped Zheng would give him a good job.

Qian's embezzlements were discovered in December 2000 when the company carried out a bank account clearance.


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