The story appears on

Page A5

December 7, 2010

GET this page in PDF

Free for subscribers

View shopping cart

Related News

Home » Metro » Society

Manager embezzled for IT boss, and for herself

A FORMER manager of a state-owned real estate company pleaded guilty yesterday to embezzling 1.87 million yuan (US$281,203) and helping the boss of a computer firm steal another 1.48 million yuan.

Last month, Jiao Zichun, former board chairman of state-owned Changjiang Computer Group Corp, was sentenced to 17 years in prison for accepting more than 2 million yuan in bribes and embezzling 1.48 million yuan.

Li Zhihong, general manager of a real estate company under Changjiang, attracted attention for being involved in the case. She was dealt with in a separate case because, in addition to helping Jiao, Li embezzled a large amount of money in her own right, without the 62-year-old ex-Changjiang chairman's knowledge.

Li, 44, was general manager of Changjiang Haoyuan Real Estate Co Ltd and its subsidiary Jingjiang Real Estate Co Ltd. She was instructed by Jiao in 2004 to get some money to cover payment of Jiao's two apartments and the cost of decorating. Li made up false construction bills, real estate service fees and relocation costs when she represented Jingjiang, the court heard.

Li embezzled almost 1.78 million yuan through the invented payments. She gave 1.48 million yuan to Jiao and kept 300,000 yuan herself, Li admitted to the court.

"Encouraged" by the success of Jiao's embezzlement, Li embezzled 1.57 million yuan of public money on her own in 2008. Li signed a presale contract in her father's name to buy a shop unit developed by Haoyuan in Jing'an District in 2008, but paid nothing.

But Jiao required her to return the booth, saying that she shouldn't buy real estate developed by her own company.

Li then sold the unit to a friend at a price of 3.8 million yuan, without telling him who the real owner was. She asked the friend to transfer 1.57 million yuan to a private account she had set up and embezzled the money, the court heard.

Li has returned all the money she stole.

The court didn't issue a verdict after the hearing.


Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend