15 years for reform director who took $2m shares bribe

A top official in charge of economic reform in Sichuan province has been sentenced to 15 years in jail for receiving shares as bribes, court officials said yesterday.

'Zhang Yuren, former director of Provincial Economic Restructuring Office, was convicted on Thursday of charges of receiving bribes and handed a 15-year sentence,' said Xu Xian, an official at Chengdu People's Intermediate Court.

Zhang had seven days to file an appeal, Mr Xu said.

Prosecutors said two companies applying for listing on the stock exchange had in 1993 given Zhang 2.18 million yuan (HK$2.04 million) worth of shares for their firms in order to accelerate the approval procedures.

Zhang was then in charge of a pilot scheme in shareholding reform and responsible for approving the listing status of individual firms.

He later sold the stocks, making a profit of 3.95 million yuan.