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High court upholds 10-year sentence for embezzler
By Wang Qingchu |
April 18, 2011, Monday
|
Online Edition
Online Edition
Beijing Higher People's Court upheld a lower court's decision to sentence an official of the state-run All-China Federation of Supply and Marketing Cooperatives to 10 years behind bars for embezzling 396 million yuan (US$61 million).
The court found Liu Linxiang, an official of the federation's finance department, lent more than 396 million yuan of public fund to a company from December 2001 to July 2004, Beijing News reported today.
Liu signed the deal with the company in private, kept the contract off the book and forged the bank statement to cover the crime.
Liu refused to hand the bank transactions records over to his department chief in September 2004 and made no confession of his misconduct until he learned his department chief was going to check the records with the bank directly.
All the money, which totaled 427 million yuan plus loan interest, was recovered in August 2007.
The court found Liu Linxiang, an official of the federation's finance department, lent more than 396 million yuan of public fund to a company from December 2001 to July 2004, Beijing News reported today.
Liu signed the deal with the company in private, kept the contract off the book and forged the bank statement to cover the crime.
Liu refused to hand the bank transactions records over to his department chief in September 2004 and made no confession of his misconduct until he learned his department chief was going to check the records with the bank directly.
All the money, which totaled 427 million yuan plus loan interest, was recovered in August 2007.
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