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Official investigated over shares for a dead relative
By Wang Qingchu |
April 23, 2011, Saturday
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Print Edition
Print Edition
A DISCIPLINARY watchdog in Hubei Province is checking an allegation that a state-owned enterprise official spent 5.4 million yuan (US$829,915) buying company shares in the name of his dead mother-in-law.
Qi Mingzhen, chairman of Zhongfu Property Development Co Ltd in Wuhan, the provincial capital, was exposed making Zhou Mingjin, his dead mother-in-law, a shareholder when the SOE was privatized in 2004. Qi was also accused of forging her signature in legal documents, Nanfang Daily reported yesterday.
Tan Hongxia, a former employee of Zhongfu Property Development, reported Qi's violations to the industry and commerce watchdog and the procuratorate in 2005.
Later Tan, her father and brother were arrested for allegedly taking bribes. Tan's father died when the case was tried. In June 2010, prosecutors dropped the charges and compensated them.
"I disclosed Qi's problem again as soon as my case was settled," Tan told the newspaper.
Tan said Qi purchased shares in the name of his dead mother-in-law. According to records of the Administration of Industry and Commerce, the dead women participated in shareholder meetings and signed several documents.
It is unclear how much Qi earned from the scam.
Qi Mingzhen, chairman of Zhongfu Property Development Co Ltd in Wuhan, the provincial capital, was exposed making Zhou Mingjin, his dead mother-in-law, a shareholder when the SOE was privatized in 2004. Qi was also accused of forging her signature in legal documents, Nanfang Daily reported yesterday.
Tan Hongxia, a former employee of Zhongfu Property Development, reported Qi's violations to the industry and commerce watchdog and the procuratorate in 2005.
Later Tan, her father and brother were arrested for allegedly taking bribes. Tan's father died when the case was tried. In June 2010, prosecutors dropped the charges and compensated them.
"I disclosed Qi's problem again as soon as my case was settled," Tan told the newspaper.
Tan said Qi purchased shares in the name of his dead mother-in-law. According to records of the Administration of Industry and Commerce, the dead women participated in shareholder meetings and signed several documents.
It is unclear how much Qi earned from the scam.
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