Business executive gets life on bribe conviction
By Liang Yiwen |
February 12, 2010, Friday
|
Print Edition
Print Edition
THE Shanghai No. 1 Intermediate People's Court yesterday sentenced a titan in the domestic chemical industry to life imprisonment for illegally acquiring assets and taking bribes totaling 17 million yuan (US$2.4 million).
The defendant, Fan Xian, had been senior executive of several state-owned enterprises and was known in local business circles for an ability to turn unprofitable companies into money makers.
He had been vice president of Shanghai Huayi (Group) Corp; board chairman of Double Coin Holdings Ltd; and board chairman of Shanghai Soap (Group) Co, among other positions.
Part of the case centers on Fan's actions from June 2002 to August 2005 in connection with Shanghai Senling Real Estate Development Co Ltd, a wholly owned subsidiary of Soap Group, a conglomerate that makes daily necessities.
Fan decided to transform the state-owned real estate company into a privately owned firm in late 2002. The plan, however, was never officially approved by authorities.
During the transformation, Fan, concealed and illegally acquired several night clubs, stores and apartments worth more than 10.27 million yuan.
From 2003 to 2008, Fan allegedly accepted 2 million yuan in bribes from business partners Cao Bo and his son, Cao Chao, for helping them purchase a branch of Double Coin, a tire company.
Fan allegedly pocketed 5 million yuan worth of shares of a hotel in Jiangsu Province from Zhang Yaming, legal representative of the Rugao branch in Jiangsu, and helped him in loan warranties and raising capital.
The defendant, Fan Xian, had been senior executive of several state-owned enterprises and was known in local business circles for an ability to turn unprofitable companies into money makers.
He had been vice president of Shanghai Huayi (Group) Corp; board chairman of Double Coin Holdings Ltd; and board chairman of Shanghai Soap (Group) Co, among other positions.
Part of the case centers on Fan's actions from June 2002 to August 2005 in connection with Shanghai Senling Real Estate Development Co Ltd, a wholly owned subsidiary of Soap Group, a conglomerate that makes daily necessities.
Fan decided to transform the state-owned real estate company into a privately owned firm in late 2002. The plan, however, was never officially approved by authorities.
During the transformation, Fan, concealed and illegally acquired several night clubs, stores and apartments worth more than 10.27 million yuan.
From 2003 to 2008, Fan allegedly accepted 2 million yuan in bribes from business partners Cao Bo and his son, Cao Chao, for helping them purchase a branch of Double Coin, a tire company.
Fan allegedly pocketed 5 million yuan worth of shares of a hotel in Jiangsu Province from Zhang Yaming, legal representative of the Rugao branch in Jiangsu, and helped him in loan warranties and raising capital.
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