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Dutch firm manager jailed for embezzlement and bribery
By Jia Feishang |
August 25, 2011, Thursday
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Online Edition
Online Edition
A Dutch company's Shanghai manager was sentenced to 14 years in prison by a local court yesterday on charges of embezzlement and bribery.
Ma Dong, a native of Shandong Province, embezzled 7.8 million yuan (US$1.22 million) of funds from the Netherlands-based Dockwise Group and took bribes of nearly US$300,000 between 2007 and 2009.
The Jing'an District People's Court also ruled that Ma's 1.5-million-yuan personal properties will be confiscated.
Ma became Dockwise Group's Shanghai office manager in 2005 when he was only 21 years old and enjoyed a high pay of nearly 1 million yuan a year.
From 2007 to 2009, Ma used the company's money to cover his family's expenses, including home decoration and appliances, holiday travels and medical bills, and embezzled nearly 500,000 yuan from the company, the court heard. He also used the company's fund to pay his EMBA tuition.
But Ma denied the accusations, saying all the expenses were approved by the company's accountant and passed the annual auditing.
In addition, Ma also used the names of two nonexistent companies as authorized agents to swindle about US$1 million from the Dockwise Group and US$335,000 of the money went into his own account.
Acting as the company's chief representative in Shanghai, Ma took US$290,000 in bribes from two companies and deposited the money in his two overseas bank accounts.
Though Ma argued that the money was not given to him as bribes but was borrowed, he later repented. "I feel sorry for my parents and I haven't seen my one-year-old son," Ma said in the court.
Ma Dong, a native of Shandong Province, embezzled 7.8 million yuan (US$1.22 million) of funds from the Netherlands-based Dockwise Group and took bribes of nearly US$300,000 between 2007 and 2009.
The Jing'an District People's Court also ruled that Ma's 1.5-million-yuan personal properties will be confiscated.
Ma became Dockwise Group's Shanghai office manager in 2005 when he was only 21 years old and enjoyed a high pay of nearly 1 million yuan a year.
From 2007 to 2009, Ma used the company's money to cover his family's expenses, including home decoration and appliances, holiday travels and medical bills, and embezzled nearly 500,000 yuan from the company, the court heard. He also used the company's fund to pay his EMBA tuition.
But Ma denied the accusations, saying all the expenses were approved by the company's accountant and passed the annual auditing.
In addition, Ma also used the names of two nonexistent companies as authorized agents to swindle about US$1 million from the Dockwise Group and US$335,000 of the money went into his own account.
Acting as the company's chief representative in Shanghai, Ma took US$290,000 in bribes from two companies and deposited the money in his two overseas bank accounts.
Though Ma argued that the money was not given to him as bribes but was borrowed, he later repented. "I feel sorry for my parents and I haven't seen my one-year-old son," Ma said in the court.
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