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Chairman denies embezzling charges
By Xu Fang |
January 9, 2009, Friday
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Print Edition
Print Edition
WANG Miaoxing, the former board chairman of a township-owned company, has denied embezzling 97 million yuan (US$14.19 million) in public capital but admitted he received nearly 6 million yuan in bribes and took advantage of his position to profit by another 5 million yuan, prosecutors told a court yesterday.
The hearing by the Shanghai No. 2 Intermediate People's Court lasted a day. No verdict was announced.
Wang, 57, was appointed director of the Changzheng Town, Putuo District in 1998 and was promoted to Party secretary of the town government in 2001. During the period, he was also Party secretary and board chairman of Shanghai Xinchangzheng Group, a collective company owned by the town. He shifted to the government position after October 2005 when the group became a shareholding company.
Prosecutors said Wang's dual identities as a government official and a company board chairman made it easy for him to do deals involving power and money.
Prosecutors alleged that Wang, taking advantage of his position as the town's Party secretary, transferred 97 million yuan out of accounts opened by the group and the town government in 2004, claiming that the money was transferred by mistake.
In December 2005, he ordered that finance staff of the company send 97 million yuan plus interest to a secret account. The money was under Wang's control and was not listed as company property when it was appraised before the company reformed, prosecutors said.
Wang agreed with the facts but denied it was corruption.
"I have never thought of embezzling money," Wang said at the hearing. "I didn't think the company's cash should be included before the company reformed."
His lawyer said the account with the 97 million yuan was an account opened with the genuine name of the group's company, not a private account. Wang never hid the account so this could not be corruption.
Wang was also charged with accepting some 6 million yuan in bribes from Jiading Real Estate (Group) Co Ltd, Guangdong Shantou Shengping Construction and Development Co Ltd, and Shanghai Jiatai Real Estate Co Ltd.
Prosecutors said Wang spent the bribes on personal investments.
Wang was also accused of taking advantage of his position as a board chairman to embezzle about 5 million yuan from the group. He used 1.78 million yuan of the embezzled money as his personal share in the company and spent the rest repaying debts, according to prosecutors.
The hearing by the Shanghai No. 2 Intermediate People's Court lasted a day. No verdict was announced.
Wang, 57, was appointed director of the Changzheng Town, Putuo District in 1998 and was promoted to Party secretary of the town government in 2001. During the period, he was also Party secretary and board chairman of Shanghai Xinchangzheng Group, a collective company owned by the town. He shifted to the government position after October 2005 when the group became a shareholding company.
Prosecutors said Wang's dual identities as a government official and a company board chairman made it easy for him to do deals involving power and money.
Prosecutors alleged that Wang, taking advantage of his position as the town's Party secretary, transferred 97 million yuan out of accounts opened by the group and the town government in 2004, claiming that the money was transferred by mistake.
In December 2005, he ordered that finance staff of the company send 97 million yuan plus interest to a secret account. The money was under Wang's control and was not listed as company property when it was appraised before the company reformed, prosecutors said.
Wang agreed with the facts but denied it was corruption.
"I have never thought of embezzling money," Wang said at the hearing. "I didn't think the company's cash should be included before the company reformed."
His lawyer said the account with the 97 million yuan was an account opened with the genuine name of the group's company, not a private account. Wang never hid the account so this could not be corruption.
Wang was also charged with accepting some 6 million yuan in bribes from Jiading Real Estate (Group) Co Ltd, Guangdong Shantou Shengping Construction and Development Co Ltd, and Shanghai Jiatai Real Estate Co Ltd.
Prosecutors said Wang spent the bribes on personal investments.
Wang was also accused of taking advantage of his position as a board chairman to embezzle about 5 million yuan from the group. He used 1.78 million yuan of the embezzled money as his personal share in the company and spent the rest repaying debts, according to prosecutors.
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