Zhang Rongkun, a key figure in Shanghai's pension fund scandal, appealed his 19-year jail term at a Jilin court yesterday, Tianjin-based Enorth.com reported today.
Zhang, a Suzhou native, was handed the term and had 1.6 billion yuan (US$229 million) of assets confiscated on April 8 for bribing officials, company executives, manipulating stocks prices, fraudulent bond issuing and the illegal withdrawal of capital contribution, the Songyuan Intermediate People's court has ruled.
Zhang's two companies were also fined a combined 300 million yuan.
Wang Yongde, Zhang Jun and Zhou Weiming, three subordinates of Zhang, also said they would appeal their sentences, the report added.
Zhou, shareholder of Zhang Rongkun's Fuxi Investment, was sentenced to one year with a two-year suspension. Wang, chief operating officer and board member, was handed a two-year sentence. Zhang Jun, investment supervisor, was sentenced to one and a half years in prison with a two-year reprieve.
The court found Zhang Rongkun and his two investment companies – Fuxi Investment and Feidian Investment – bribed civil servants with 29 million yuan including 9.3 million yuan paid to Wang Weigong, deputy general manager of the state-controlled Shenergy Group and 9.33 million yuan between September 2001 and last June. Wang Weigong introduced Chen Liangyu, former Shanghai Party Secretary to Zhang Rongkun, previous reports said.
Chen, who was brought down in 2006, received a sentence of 19 years behind bars for abuse of power and taking bribes on April 11, the Tianjin No. 2 Intermediate People's Court ruled.