Embezzlement

Suspended death sentence for disgraced businessman

PUBLISHED : Thursday, 18 March, 2004, 12:00am
UPDATED : Thursday, 18 March, 2004, 12:00am

A disgraced Anhui businessman was given a suspended death sentence yesterday after being convicted of embezzlement and being unable to account for a large personal fortune.


Xinhua reported that Yin Xicai, 50, chairman of Anhui Jinchan Group, a pharmaceutical company, was convicted of embezzling more than 9 million yuan and failing to account for personal assets worth more than 19 million yuan. He could also not explain where he obtained US$660,000 found in his possession.


Yin was stripped of his political rights for life and all his personal financial assets were confiscated, the report said. The court said Yin and his accomplices embezzled the money from public funds between 1999 and 2002.


Yin, a former Communist Party member, was forestry division head of the Huaibei Bureau of Mines before becoming general manager of the Anhui Jinchan Pharmaceutical Corporation. He was chairman and general manager of the Anhui Jinchan Group until October last year, the news agency said.


Xinhua said Yin was given a two-year reprieve because he had helped with the investigation and in the recovery of some of the stolen money.