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Aerospace firm chief gets life for graft
By Cyril Li |
January 13, 2009, Tuesday
|
Print Edition
Print Edition
THE former chairman of Shanghai-listed Aerospace Communications Holding Co Ltd has been sentenced to life in prison for embezzlement, misuse of corporate funds and taking bribes.
The Zhejiang Higher People's Court rejected Chen's appeal and upheld the sentence recently. He was found guilty by the Ningbo Intermediate People's Court on September 24.
The court also confiscated more than 1 million yuan (US$145,000) in Chen's personal assets, according to China News Service.
Prosecutors in Ningbo's Beilun District had charged Chen with embezzling 17.62 million yuan, misappropriating 6.94 million yuan and taking 150,000 yuan in bribes during his tenure.
Chen, 42, stole a large part of the money by fabricating commercial claims, prosecutors said.
Among his crimes, he embezzled 1 million yuan in January 2003 and used most of the proceeds to pay housing loans and entertain guests, the court found.
On the embezzlement charge, Chen moved nearly 7 million yuan from a company account to his privately controlled Taiyuan Satellite Co in 2006 to buy Aerospace Communications' non-tradable shares, the court said.
On the bribery charge, Chen accepted 150,000 yuan from an interior decoration company and sought profits for it by using his influence from 2002 to 2004.
The Hangzhou-based Aerospace Communications Holdings Co Ltd was listed on the Shanghai Stock Exchange in September 1993.
The firm's biggest shareholder is the Aerospace Technology & Industry Group, which is engaged in businesses ranging from missile weapon systems to military and civilian communications to aerospace products.
The Zhejiang Higher People's Court rejected Chen's appeal and upheld the sentence recently. He was found guilty by the Ningbo Intermediate People's Court on September 24.
The court also confiscated more than 1 million yuan (US$145,000) in Chen's personal assets, according to China News Service.
Prosecutors in Ningbo's Beilun District had charged Chen with embezzling 17.62 million yuan, misappropriating 6.94 million yuan and taking 150,000 yuan in bribes during his tenure.
Chen, 42, stole a large part of the money by fabricating commercial claims, prosecutors said.
Among his crimes, he embezzled 1 million yuan in January 2003 and used most of the proceeds to pay housing loans and entertain guests, the court found.
On the embezzlement charge, Chen moved nearly 7 million yuan from a company account to his privately controlled Taiyuan Satellite Co in 2006 to buy Aerospace Communications' non-tradable shares, the court said.
On the bribery charge, Chen accepted 150,000 yuan from an interior decoration company and sought profits for it by using his influence from 2002 to 2004.
The Hangzhou-based Aerospace Communications Holdings Co Ltd was listed on the Shanghai Stock Exchange in September 1993.
The firm's biggest shareholder is the Aerospace Technology & Industry Group, which is engaged in businesses ranging from missile weapon systems to military and civilian communications to aerospace products.
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