Land exec jailed for 8 years
Print Edition
A SENIOR executive at a development company run by a town government in Qingpu District has been sentenced to eight years in prison for swindling more than 1.6 million yuan (US$261,000) in a dubious land deal.
In 2006, the head of investment generation, surnamed Xu, arranged for a plot of land to be leased to a businessman surnamed Shen, the Qingpu District People’s Procuratorate said yesterday.
The pair, however, contrived a deal whereby Xu agreed a rental far below the market rate in return for shares in Shen’s company.
The dubious deal was discovered in 2012 during a nationwide land inspection.
Xu was arrested and later found guilty of corruption.
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