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November 20, 2010

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Chairman gets 17 years in embezzlement case

THE former board chairman of state-owned Changjiang Computer Group Corp was sentenced to 17 years in jail yesterday for accepting more than 2 million yuan (US$301,205) in bribes and embezzling 1.48 million yuan.

The Shanghai No. 2 Intermediate People's Court also ordered the confiscation of 1 million yuan in personal property from Jiao Zichun, 62. Jiao's family had helped him repay all the illicit money before the hearing.

Jiao had pleaded guilty at a previous court hearing.

He was chairman of the state-owned company from October 1998 to June 2009.

One of the crimes happened between 1999 to 2003, when Jiao helped Gu Jianguo, a private real estate company owner, obtain a plot in Songjiang District in the name of the Changjiang group.

Jiao also agreed to lend 50 million yuan of the company's capital to Gu to develop the project and allowed him to delay repayments.

To show his gratitude, Gu paid 50,000 yuan towards the cost of the wedding banquet of Jiao's son in 2003.

In addition to accepting bribes, Jiao also instructed Li Zhihong, general manager of a subsidiary company of Changjiang group, to embezzle 1.48 million yuan from a subsidiary to provide him with funds to buy and decorate apartments.


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