The former boss of the Shanghai Pharmacy Group was sentenced to death yesterday with two years' probation for graft that netted him more than 50 million yuan (US$7.9 million).

Wu Jianwen, the former boss of the Shanghai Pharmacy Group.[File photo]

Wu Jianwen, 42, was found guilty at the Shanghai No.1 Intermediate People's Court of taking bribes of more than 11.87 million yuan, embezzling public funds in excess of 38.55 million yuan and concealing an overseas deposit of HK$1.1 million.

The court heard that more than 14.85 million yuan of the cash had not been recovered.

Prosecutors said Wu began working for Shanghai New Asia Pharmaceutical Corp, affiliated to the Shanghai Pharmacy Group, on graduating from Fudan University in 1991.

He became vice general manager six years later - when just 28.

In 2001, Wu accepted his first bribe of 200,000 yuan from a builder, surnamed Guo, the court heard.

"I was very nervous and couldn't sleep for days," Wu told the court.

However, he took bribes on at least 35 subsequent occasions, totaling 11.87 million yuan.

For much of this time, Wu was earning more than 30,000 yuan a month.

However, unsatisfied with his bribes, Wu also took the advantage of his position and power to ask for benefits from companies that gave him cash, prosecutors said.

He also embezzled 5 million yuan of public funds during the process of stock rights transfer, according to prosecutors.

However, in 2006 Wu was defrauded by a businessman, surnamed Lu, after he had embezzled more than 30 million yuan from public money to give to Lu, prosecutors said.

In 2009, the city's Party disciplinary inspection department began investigating Wu's activities.

Wu was arrested in August 2010 and his ex-wife, surnamed Liu, is alleged to have assisted him in taking bribes, the court heard.

Wu is the latest in a line of state-owned company officials convicted for taking bribes.

In February 2010, Fan Xian, a powerful figure in the domestic chemical industry, was sentenced to life imprisonment for illegally acquiring assets and taking bribes totaling 17 million yuan.

He was known in local business circles for his ability to turn unprofitable companies into money makers.