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October 1, 2009

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Official sentenced to death after swindles

AN official in central China's Hunan Province was sentenced to death by a court yesterday for misusing and embezzling more than 100 million yuan (US$14.6 million) from a housing fund.

Li Shubiao, former director of the housing provident fund in Hunan's Chenzhou City, is awaiting the Supreme People's Court's final approval on the death penalty, according to Chenzhou Intermediate People's Court.

The indictment said Li misused and embezzled 119 million yuan of public funds to pay for his overseas gambling and illegal business operations, causing a total loss of 74.18 million yuan.

The Chenzhou court found Li illegally borrowed 62.06 million yuan from banks and financial institutions by mortgaging housing fund deposits he managed. Li also swindled 56.67 million yuan of public funds by faking applications for government loans.

Li gambled heavily in Macau casinos.

Li's eight accomplices were jailed for up to 15 years.


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