HK businessman sentenced to life for one bln embezzlement
By Xiao Guo (chinadaily.com.cn)
Updated: 2006-06-14 17:35
A Hong Kong businessman has been sentenced to life in prison by the Beijing
First Mediate Court on charges of embezzling just under one billion yuan (US$119
million) with fake trust documents and illegal transfer notifications from
Beijing Bank, reports the Legal Evening News on June 14.
Hong Kong native Li Peiguo was convicted on embezzlement charges. The court
has confiscated his possessions, the Beijing-based newspaper says.
The sentencing came just days after the Bank of Communications, China's fifth
largest bank was embezzled out of roughly 200 million yuan (US$25 million) at a
branch office in Shenyang, capital of Liaoning Province, Northeast China,
according to state media reports.
The newspaper says Li, who was a representative of National Hong Kong Group
Limited in 1993, used the fabricated Dalian Bende International Commerce company
seal, illegal transfer notifications and trust indentures to get the necessary
documents to illegally buy a 70 per cent stock interest in Dalian from Beijing
Bank.
Li went on trial in October 2005.
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