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China Prosecutes Company Officials for Embezzling 3 Billion Yuan
Public prosecutors in Nanjing city, captial of Jiangsu Province, have filed a lawsuit against two company officials for embezzling 2.967 billion yuan of public funds for securities speculations.
Liu Limin, manager of the Securities Department of the Financial Company of the Zhongshan Group, and Wang Ailin, general manager of the Jiangsu Boya Trade and Investment Company, were accuse of using 1.167 billion yuan of the Securities Department between June-November 1996 for securities investment, which earned them 6.396 million yuan.
In the year that followed, the two further embezzled 1.8 billion yuan for stock speculation, making a profit of 7.534 million yuan.
In July 1997, Liu resigned from the securities department and established his own business. Wang also set up a real estate firm shortly after. Both businesses were set up with their illegal proceeds.
The two had already returned all the embezzled funds before the case was exposed.
The hearing of the case is expected to open soon at the court in Gulou District.
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