Conman who borrowed a billion yuan jailed for life
By Claire Wang |
September 6, 2011, Tuesday
|
Print Edition
Print Edition
A man who took out 1 billion yuan (US$157 million) in bank loan by filing false apartment purchase contracts and claiming to own a piece of priceless antique clothing has been jailed for life.
Xie Genrong, chairman of Beijing Yanshan Walson Enterprise Group, asked a friend to sew items of clothing with jade pieces. He had one appraised by experts who labeled it a precious antique artifact and valued it at 2.4 billion yuan, Legal Evening News reported yesterday.
The experts were five distinguished antique experts, including Yang Boda, former deputy curator of Beijing's Palace Museum, and Wang Wenxiang, former secretary of the China Association of Collectors.
The five were paid several hundred thousand yuan by Xie for their services, the report said.
Using this "treasure" as collateral, Xie secured a loan of more than 450 million yuan from China Construction Bank at the end of 2002. He had already secured a mortgage of more than 600 million yuan by falsifying 555 apartment purchase contracts in September 2000.
The loan scam was exposed when the bank's books were audited. Xie and two bank officials who approved the loan were arrested in March 2008.
He was convicted of fraud, and the two bank officials received 20 and 19 years of imprisonment respectively for illegally granting loans, according to Legal Evening News. Xie is appealing.
The "experts" admitted they had not touched the artifact they valued. They simply looked at it and proposed a value after a brief discussion. All five signed a statement authenticating the item.
Wang said: "I thought as long as it was not traded in the market, we would not be taking any risks."
Xie Genrong, chairman of Beijing Yanshan Walson Enterprise Group, asked a friend to sew items of clothing with jade pieces. He had one appraised by experts who labeled it a precious antique artifact and valued it at 2.4 billion yuan, Legal Evening News reported yesterday.
The experts were five distinguished antique experts, including Yang Boda, former deputy curator of Beijing's Palace Museum, and Wang Wenxiang, former secretary of the China Association of Collectors.
The five were paid several hundred thousand yuan by Xie for their services, the report said.
Using this "treasure" as collateral, Xie secured a loan of more than 450 million yuan from China Construction Bank at the end of 2002. He had already secured a mortgage of more than 600 million yuan by falsifying 555 apartment purchase contracts in September 2000.
The loan scam was exposed when the bank's books were audited. Xie and two bank officials who approved the loan were arrested in March 2008.
He was convicted of fraud, and the two bank officials received 20 and 19 years of imprisonment respectively for illegally granting loans, according to Legal Evening News. Xie is appealing.
The "experts" admitted they had not touched the artifact they valued. They simply looked at it and proposed a value after a brief discussion. All five signed a statement authenticating the item.
Wang said: "I thought as long as it was not traded in the market, we would not be taking any risks."
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
