Embezzler executed over $7.7m theft

The former president of a large state-owned enterprise based in Guangdong has been executed and two of his accomplices given hefty jail terms for their roles in embezzling millions of yuan in public funds.

Between March 1993 and April 1998, the president of the Jiangmen City Fengjiang Construction Group, Chen Shewei, used his position to embezzle 8.2 million yuan (HK$7.7 million) of the company's money, the Beijing Morning Post reported.

Chen reportedly used the funds he siphoned to finance gambling excursions to Macau, pay back personal debts, bribe other officials and live a life of luxury.

During his tenure Chen would frequently ask staff at the company's headquarters in Jiangmen or one of its field offices for cash to cover daily operations or other business expenses.

The money he requested would then be sent either to the company's Luqiao (Roads and Bridges) Company branch, managed by Wen Haijiao, or to the No 3 branch office, run by Tan Baijiao. Once the men received the money, they would divert the funds to Chen for his personal use, the newspaper said.

The Jiangmen City Procurator alleged that faced with hefty gambling debts, Chen would also request loans from company officers and fired those who refused to help him.

Starting in March 1993, Wen spent two years using his position as the manager of the Luqiao Company to divert a total of 2.15 million yuan to Chen.