Latest News:  
Beijing   Sunny/Cloudy    32 / 19 ℃  City Forecast

Home>>China Society

SOE boss stole 60kgs gold, 1.4 tons silver

By Li Qian (Shanghai Daily)

08:28, June 06, 2012

A former top official of a state-owned gold and silver refining giant in north China's Inner Mongolia Autonomous Region has been detained for embezzling nearly 60 kilograms of gold and 1.4 tons of silver, and selling them in his jewelry stores.

Song Wendai, former chairman of the Qiankun Gold & Silver Refinery Share Co Ltd, was also discovered to have siphoned off 21 million yuan (US$3.32 million) of state assets since 2003 to found three companies of his own, according to prosecutors.

Since he came into power in the group nearly 10 years ago, reports have increased linking him with corruption. To deal with frequent police investigations, he had prepared a pleading in advance and carried it with him at all times, Xinhua news agency reported yesterday.

His careful preparation stymied police until prosecutors started to investigate him at the end of 2010, they said.

Song is a highly intelligent criminal, investigators said, and lax supervision made it easier for him to commit crimes.

For more than a year, police questioned nearly 200 people from 10 provinces to get conclusive evidence, Xinhua said.

In 2005, Song spent 15 million yuan purchasing a gold mine in Hohhot under the name of Qiankun with the help of local authorities while transferring the mine to his own company and then selling it to a Beijing company for 41.5 million yuan.

Officials said the corruption greatly damaged Qiankun, once the top gold and silver refinery company in China, Xinhua said.


Leave your comment0 comments

  1. Name


Selections for you

  1. Partial lunar eclipse observed in Beijing

  2. China Pole Dance Championships kick off

  3. What a beautiful dish

  4. Candidates of Miss Hong Kong Pageant 2012

Most Popular


  1. SCO is strategic choice for members
  2. Conditions not ripe for farm land privatization
  3. 'Going Global' a win-win game for both sides
  4. China is a strategic and reliable partner
  5. Anti-monopoly push may fail to woo private capital
  6. Real benefits of high trade volume remain elusive
  7. Construction boom could hinder economic growth
  8. Much-needed cooling awaits China
  9. Why is Washington so scared of Confucius?
  10. Chance to peacefuly resolve Iranian nuclear issue

What's happening in China

Jiaolong Deep Sea Post Office opens

  1. Deepening reform of IPO system urgent: CSRC
  2. CSRC:greater efforts to combat insider trading
  3. Chinese economy on course to stabilize in May
  4. Ancient books set record of highest auction price
  5. Boy's case isolated, bird flu outbreak unlikely

China Features

  1. Maritime spat between China and DPRK
  2. The 24 solar terms
  3. High ticket prices, unaffordable landscapes
  4. Huangyan tensions
  5. 2012 Russia-China joint naval exercise

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai