Woman boss accused of 46-million-yuan embezzlement

By Zhao Wen | February 28, 2012, Tuesday |

Online Edition

THE boss of a state-owned construction supervision agency in Shanghai admitted falsifying company accounts and payroll, but denied embezzling 46 million yuan (US$7.3 million) in Shanghai No. 2 Intermediate People's Court today.

Sitting in a wheelchair, Wu Xiaoli was taken to the court accompanied by a doctor. The 73-year-old woman was the general manager of the Shanghai Gongxin Construction Supervision Co Ltd from 1994 to May 2010.

Prosecutors said Wu signed fake contracts with a third party and drew more than 1.42 million yuan from her company between September 2008 and February 2009. She also stole 600,000 yuan -- salaries of non-existent employees, the court heard.

Wu admitted making false accounts and payroll to siphon public money, but she denied embezzlement.

Prosecutors accused Wu of concealing the company's recoverable debts totaling more than 40 million yuan and converting the state-owned agency into a private one by compensating the state with just 1.43 million yuan, the court heard.

Wu argued she was not clear about the recoverable debts because she worked only two days a week in the company due to her old age.

The court did not make a verdict yesterday.

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Woman boss accused of 46-million-yuan embezzlement

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