Real estate chief admits taking cash

PUBLISHED : Thursday, 30 November, 2006, 12:00am
UPDATED : Thursday, 30 November, 2006, 12:00am

The former chairman of a Guangzhou government-owned real estate group has admitted in court that he had received 230,000 yuan from subordinates.

Zhou Mengchang , 62, was charged with accepting bribes totalling US$10,000 and 150,000 yuan between 2001 and last year, while he was chairman of Guangzhou Pearl River Industrial Group, the Information Times reported.

Zhou admitted receiving the money but rejected the charges of bribery.

'I did receive the money but personally I do not consider it as bribery. These are gifts from longtime friends and I never abused my position to help them make money,' he told the Guangzhou Intermediate People's Court.

Zhou said friends gave him the money to pay his son's school fees or overseas business expenses.

Zhou retired in February last year and was arrested in January. He has returned 60,000 yuan, US$10,000 and a car to prosecutors.

The court said no date had been set for the delivery of its verdict.