Home / News Type Content Tools: Save | Print | E-mail | Most Read | Comment
'Billionaire' Boss Goes on Trial
Adjust font size:  ZoomIn ZoomOut

A man charged with swindling nearly 1.4 billion yuan (US$170 million) went on trial on Tuesday in Beijing.

The 49-year-old Liu Fuchen managed?10 Beijing-based companies, including Jingdongye Communication Electronics Co. Ltd., Beijing Funite Industry and Trade (Group) Co. Ltd. and Beijing Funite Furniture City, before being arrested in 2003.

He is accused of embezzling 536 million yuan (US$65 million) in treasury bonds, and of taking 670 million yuan (US$81 million) in cash and defrauding 165 million yuan (US$20 million) from banks between 1997 and 1998.

Liu denied the accusations made by the prosecutor at the trial, which is taking place at the capital's No.2 Intermediate People's Court.

Despite being identified as the chief managing officer of the companies, Liu said he was in fact the assistant manager. "I did my work under the instruction of the manager Guan Ronghua," he claimed. "Indeed, I did not know the real condition of the companies at all."

It is expected that the hearing will continue tomorrow due to the complexity of the case, court sources said.

After being introduced by Liu, an office of Beijing Securities signed a contract in 1996 with a Hunan-based stock sales office to act as an agent for treasury bond sales.

According to the contract, all the sales revenue was transferred to Liu's account by Beijing Securities, which received transaction fees, it is claimed.

Liu acquired 446 million yuan (US$54 million) in two installments in this way from 1997 to 1998.

Shi Xinji and Yan Yuqing, managers of the Beijing Securities office, also embezzled another 90 million yuan (US$11 million) from government bond trading with an insurance company.

According to the indictment, that fund was transferred to Liu's account as well.

The public prosecutor said that Liu colluded with Feng Jun, a top official with a branch of China Everbright Bank, in 1997.

Feng illegally transferred 41 installments of savings to Liu's account, amounting to over 670 million yuan (US$81 million), according to the prosecutor.

Liu is also alleged to have asked the Beijing Securities office to provide fake guarantees for five companies operated by him.

Using the guarantees, the defendant swindled a branch of the China Everbright Bank out of 165 million yuan (US$20 million) in 1998, according to the charges.

The public prosecutor said that Liu had committed the crimes of misappropriating public funds and contractual fraud.

(China Daily March 2, 2005)

Tools: Save | Print | E-mail | Most Read
Comment
Pet Name
Anonymous
China Archives
Related >>
- Chengdu Lawyer Sentenced for Embezzlement
- Former Bank Official Sentenced to Life in Prison
Most Viewed >>
- World's longest sea-spanning bridge to open
- Yao out for season with stress fracture in left foot
- 141 seriously polluting products blacklisted
- China starts excavation for world's first 3G nuclear plant
- Irresponsible remarks on Hu Jia case opposed 
- 'The China Riddle'
- China, US agree to step up constructive,cooperative relations
- FIT World Congress: translators on track
- Christianity popular in Tang Dynasty
- Factory fire kills 15, injures 3 in Shenzhen

Product Directory
China Search
Country Search
Hot Buys
主站蜘蛛池模板: 国产大陆亚洲精品国产| 女同久久另类99精品国产| 亚洲bt欧美bt精品| 欧美高清熟妇啪啪内射不卡自拍 | 国产一区二区三区内射高清| 成人福利免费视频| 国产精品久久久久影院| 91在线丨亚洲| 在线观看国产福利| my1136蜜芽入口永不失联版| 成人动漫在线播放| 中文字幕热久久久久久久| 日本工囗邪恶帝全彩大全acg| 亚洲av最新在线观看网址| 欧美性黑人极品hd| 亚洲欧美另类综合| 波多野结衣加勒比| www.尤物在线| 国产视频久久久久| 中文字幕乱码无码人妻系列蜜桃 | 国产男人女人做性全过程视频| 97福利视频精品第一导航| 奇米777在线视频| 一级毛片高清免费播放| 成年人免费观看| 中文字幕日韩专区精品系列| 日本videoshd高清黑人| 久久午夜综合久久| 日韩在线观看一区二区三区| 亚洲AV日韩精品久久久久久| 欧美乱妇在线观看| 亚洲中文字幕av在天堂| 欧美亚洲国产精品久久高清| 亚洲国产精品一区二区第四页| 欧美成年黄网站色视频| 亚洲小视频在线播放| 欧美日韩国产区在线观看| 亚洲欧洲尹人香蕉综合| 欧美日韩国产精品| 亚洲成人xxx| 欧美国产日韩a在线视频|