China court sentences 3 execs for bribery - Xinhua

Three former executives of the state-owned Yunnan Copper Group, were sentenced on Monday for bribery and embezzlement, with one receiving the death penalty.

China court sentences 3 execs for bribery - Xinhua
Three former executives of the state-owned Yunnan Copper Group, China's third-largest copper producer, were sentenced on Monday for bribery and embezzlement, with one receiving the death penalty, Xinhua news agency said.

Yu Weiping, group vice chairman between 2000 and 2007, was sentenced to death by the Intermediate People's Court of Kunming, in southwestern Yunnan Province, for accepting bribes and embezzling a total of about $10.3 million, said Xinhua.

The money has been recovered.

Former board chairman Zou Shaolu was sentenced to life, but received leniency because he turned himself in, returned his ill-gotten gains and confessed, said the state-run news agency.

Wang Jianwei was handed 20 years in prison.

Yunnan Copper Group employs about 20,000 people and had sales of 39.2 billion yuan ($5.72 billion) last year, said Xinhua.

Chinese police said last month the country's richest man and chairman of the country's top electronics retailer, GOME <0493.HK>, was under investigation after local media reported he had been detained in a probe into share price manipulation.

Huang Guangyu, the chairman GOME Electrical Appliances Holdings Ltd, was the latest of a handful of super-rich Chinese entrepreneurs have run afoul of the law as China's economy boomed and regulators struggled to keep pace with market reforms.

In January, a Shanghai court upheld a 16-year jail sentence handed down to Zhou Zhengyi, a property tycoon once named one of China's richest men. He was found guilty of five charges including misappropriation of funds, bribery and forging VAT receipts.


Reuters
Last Mod: 29 Aralık 2008, 16:41
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