11 sentenced to prison in big illicit finance scheme
Source: Xinhua |
January 18, 2012, Wednesday
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Print Edition
Print Edition
A Chinese court yesterday sentenced 11 people to prison for illegal financing, eight months after their billionaire boss burned himself to death in Inner Mongolia Autonomous Region.
The 11 employees of the Baotou Huilong Trading Co Ltd were given sentences ranging from one to seven years for illegal financing of up to 2.22 billion yuan (US$353 million), said the people's court in Jiuyuan District of the city of Baotou, where the company was based.
Another employee was found guilty but was not sentenced to prison as she helped pay back investors. For the same reason, Liu Mei'e, who was among the 11 and sentenced to three years, was given a three-year reprieve.
Jin Libin, the late chairman of the company, lit himself on fire in a car on April 13. Subsequent investigations showed the company was 943 million yuan in debt when Jin killed himself. Police later found that Jin's company had raised 2.22 billion yuan from the public and took 217 million yuan in bank loans from June 2004 to April 2011.
The company initially could make ends meet, but later, in order to polish its image and go public, it borrowed continuously and thus became shackled with huge interest repayments.
At yesterday's trial, the company was fined 500,000 yuan. Most defendants also received fines ranging from 20,000 to 80,000 yuan.
The 11 employees of the Baotou Huilong Trading Co Ltd were given sentences ranging from one to seven years for illegal financing of up to 2.22 billion yuan (US$353 million), said the people's court in Jiuyuan District of the city of Baotou, where the company was based.
Another employee was found guilty but was not sentenced to prison as she helped pay back investors. For the same reason, Liu Mei'e, who was among the 11 and sentenced to three years, was given a three-year reprieve.
Jin Libin, the late chairman of the company, lit himself on fire in a car on April 13. Subsequent investigations showed the company was 943 million yuan in debt when Jin killed himself. Police later found that Jin's company had raised 2.22 billion yuan from the public and took 217 million yuan in bank loans from June 2004 to April 2011.
The company initially could make ends meet, but later, in order to polish its image and go public, it borrowed continuously and thus became shackled with huge interest repayments.
At yesterday's trial, the company was fined 500,000 yuan. Most defendants also received fines ranging from 20,000 to 80,000 yuan.
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