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December 5, 2013

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Ex-Staples China boss gets life

Former Staples China Chairman Jin Weiguo was sentenced to life imprisonment, deprived of his political rights  and fined 2 million yuan (US$328,200)  for loan and contract frauds, the Shanghai Higher People’s Court said yesterday.

Jin, 42, a former Shanghai CPPCC member who was on the Forbes’ charity list for three years, was found guilty of obtaining over 300 million yuan in bank loans and contracts by using fake financial documents.

Prosecutors said Jin controlled 17 companies way back in 1994 and later served as the chairman of Staples China’s Shanghai branch.

From February 2008 to March 2010, he claimed one of his companies was invested by Staples and used its name to swindle over 39 million yuan in loans from ICBC with fake papers. He also signed contracts with clients and swindled them of 340 million yuan.



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