Corrupt forex official jailed for 11 years

By Jane Chen | June 8, 2010, Tuesday |

Online Edition

A FORMER foreign exchange official has been sentenced to 11 years in prison for taking 1.35 million yuan (US$196,130) in bribes.

Liu Wei, 56, vice-director of the Foreign Investment Bureau of State Administration for Industry and Commerce, was implicated in the case of Guo Jingyi, the former senior official in the Ministry of Commerce who was sentenced to death with a two-year reprieve for corruption last month, today's Beijing Times reported.

Beijing No.2 Intermediate People's court found Liu guilty of taking a Rolex watch worth 52,000 yuan and 50,000 yuan in cash from a gas company between 2000 and 2002 to give the green light to the latter's attempt to get listed on the stock market.

He also joined Guo to help the Beijing-based Capital Group to set up a foreign investment unit.

In return, Li and Guo each bought a villa from the group at half the market price and made of profit of 1.24 million yuan and 1.23 million yuan respectively.

Liu was arrested in December 2008 after Guo's confession implicated him.

Guo, 44, inspector of the Commerce Ministry's Treaty and Law Department, was sentenced to death with a two-year reprieve for taking 8.45 million yuan. He was the youngest official to hold his ranking since the ministry was set up in 2003.

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Corrupt forex official jailed for 11 years

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