Directors jailed for embezzling

By Angela Xu  |   2008-7-10  |     NEWSPAPER EDITION

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TWO businessmen have been jailed for embezzling 560,000 yuan (US$81,633).

The Jing'an District People's Court sentenced Yu Mingde, former general manager of China Export Bases Development Shanghai Corp, to 15 years' prison.

Lu Changsheng, former general manager of a biological engineering company under the Shanghai Corp, was jailed for three years with three years' probation.

The court was told that in 2005, Lu, a 54-year-old city model worker with a medical degree, asked to borrow 560,000 yuan of public money from Lijia Hotel, a state-owned enterprise managed by Yu, 57, to buy some shares.

But Lu didn't return the money and lent it instead to a friend who planned to invest in a mine.

The friend promised to return the money after three months and present 15-percent stock rights of his company each to Yu and Lu. But the money was never returned.


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