August 26
CHINA:
Corrupt official gets death penalty at trial
A local court in Central China's Hunan Province sentenced a house fund
management director to death on Wednesday for embezzling around 120
million yuan (US$14.8 million).
Li Shubiao, former director of the Public Housing Fund Management Centre
of Chenzhou, Central China's Hunan Province, said he would lodge an appeal
after the Chenzhou Intermediate People's Court found him guilty, local
media reported.
As treasurer of the fund, which was supposed to help 200,000 workers
purchase private houses, Li misappropriated the money over a 5-year period
from 1999 and squandered part of it gambling in Macao casinos.
It is reported to be the 1st such case involving such a large amount of
public housing funds.
Li, 41, with only a junior middle school education background, first came
to the police's attention after a gambler killed Li's superior over a
gambling dispute, at the end of 2003. At the time Li was staying with his
superior at a hotel in Chenzhou.
Even though Li was not involved in the case, the local discipline
department and prosecutors became suspicious. Their suspicions were
further aroused by Li's continual absence from work, which started in
early 2004. Intensive investigations were soon under way.
Later that year, Li was caught in his villa in Guangzhou and was sent back
to Chenzhou.
According to the court document, Li illegally obtained about 62 million
yuan (US$7.6 million) of bank loans by using the public housing fund as
surety, between 1999 and 2004.
He also defrauded the bank of 57 million yuan (US$ 7 million) by
fabricating company and borrowers' names, and by using bogus IDs and
materials.
(source: China Daily)
