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September 9, 2010

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Two years in jail for former city emcee

Wang Zi, who was well known in entertainment circles as an emcee at shows in the city, was jailed for two years yesterday for embezzling more than 70,000 yuan (US$10,294) worth of computer equipment from a company he formed with two partners.

The Shanghai No. 2 Intermediate People's Court also ordered him to return the equipment.

Wang, together with Liu Yi and Ding Ting, registered an Internet advertising company, Shanghai Sen'ao Culture Broadcast Co Ltd, in October 2005 with capital of 500,000 yuan, the court heard.

The business ran well until April 2007, when Liu left the company after disputes with Wang. Liu held on to his shares, however.

With the company near bankruptcy half a year later, Wang decided to shut the company without telling his partners.

He sold some of the company's computers and servers to another company he had created at just over 170,000 yuan, although an official evaluation showed the equipment to be worth nearly 290,000 yuan.

Wang told a previous hearing he had asked his partners about closing the company and they hadn't objected.

Because there was no money for employees' final pay checks, Wang bought the equipment himself to pay salaries and rent.

But the court didn't accept Wang's story. The judges believed Wang aimed to embezzle the equipment at low prices for his new company.

The court estimated the extent of the embezzlement to be around 70,000 yuan.


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