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Greedy boss of state-owned gold refinery gets death sentence

By Zhao Wen (Shanghai Daily)

08:59, October 17, 2012

THE former CEO of a state-owned gold and silver refinery in Inner Mongolia Autonomous Region has been sentenced to death for taking bribes and embezzling 87 million yuan (US$13.87 million) of public assets including one ton of silver, Xinhua News Agency reported yesterday.

Song Wendai, former CEO and general manager of Qiankun Gold and Silver Refinery Co Ltd, illegally obtained 517 million shares of Qiankun and embezzled more than 10 million yuan from the company, the Bayan Nur Intermediate People's Court said.

Between 2002 and 2003, Song used the 10 million yuan as capital to register his own company and put 19 state-owned land plots, totaling 1,933 hectares, under the name of his private company. He leased these plots and collected 17 million yuan in rents, the court said.

Between March 2005 and December 2007, Song used his position to embezzle 11 million yuan from Qiankun and steal 25 million yuan by selling a gold mine under Qiankun. He also stole 12 million yuan of gold from his company.

Prosecutors seized 2.7 million yuan of cash, 134 kilograms of gold, 995.34 kilograms of silver, 81.09 grams of platinum, four houses and four vehicles from Song.

The former CEO of a state-owned gold and silver refine company in north China's Inner Mongolia Autonomous Region was sentenced to death penalty for grafting and embezzling public properties and funds totaling more than 87 million yuan (US$13.87 million), .

Xinhua said Song hid his stolen gold in a car parked in the underground garage of his Beijing home. All his confiscated assets will be handed over to the State Treasury, the court said.

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